Buffalo Bills safety Damar Hamlin will use the $10 million given to online fundraising campaigns by well-wishers after his on-field collapse to fund his own nonprofit, the Chasing M's Foundation.
The decision, first shared with The Associated Press Monday, begins the 25-year-old's plan for the unprecedented outpouring of support that he received after his heart stopped following a tackle during a "Monday Night Football" game in January.
Hamlin's marketing representative said in January that his family had arranged for The Giving Back Fund to act as a fiscal sponsor for the funds given to GoFundMe, which allowed Hamlin's team to fundraise as a charitable entity. At the time, Hamlin's team said the millions given to the GoFundMe would eventually be transferred to The Giving Back Fund, but they have not been.
Experts say the question of whether the donors can claim a tax deduction for what they gave to the GoFundMe after his injury may depend on decisions by the IRS. Philadelphia attorney Don Kramer, who edits the website Nonprofit Issues, said the IRS has the discretion to retroactively recognize Hamlin's nonprofit as tax exempt. That's despite the fact, Kramer said, the cut off for applying for retroactive status is usually 27 months after an organization is founded.
GoFundMe confirmed that they continue to hold the funds given to Hamlin's campaign and will do so until Hamlin requests that they be transferred. The company also said that fundraisers specify when they benefit charitable organizations. Since being released from the hospital, Hamlin has teamed up with the American Heart Association for a campaign to teach a simple version of CPR. He's also met President Joe Biden at the White House and advocated for access to defibrillators in schools with Congressional leaders. In April, Hamlin announced that he wanted to return to playing and has been cleared to practice with the Bills.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bills' Damar Hamlin will put the $10 million raised into his charityBuffalo Bills safety Damar Hamlin will use the $10 million given to online fundraising campaigns by well-wishers after his on-field collapse to fund his own nonprofit, the Chasing M's Foundation.
Read more »
Bills' Hamlin will put $9.1M in donations into his charityBuffalo Bills safety Damar Hamlin will use the $9.1 million given to a GoFundMe by well-wishers after his on-field collapse to fund his own nonprofit, the Chasing M’s Foundation. The decision adds clarity to the 25-year-old’s plan for the unprecedented outpouring of support that he received after his heart stopped following a tackle during a Monday night football game in January. Hamlin first started Chasing M’s Foundation in May 2020 when he was still a student playing with the University of Pittsburgh. His spokesperson said they applied last month for retroactive tax-exempt status for the nonprofit.
Read more »
Bills' Hamlin will put the millions raised into his charityBuffalo Bills safety Damar Hamlin will use the $10 million given to online fundraising campaigns by well-wishers after his on-field collapse to fund his own nonprofit, the Chasing M's Foundation.
Read more »
Australian government pledges $10 billion in budget to ease cost of livingAustralian government pledges $10 billion in budget to ease cost of living – by anilpanchal7 Australia FiscalPolicy NewsTrading RiskAppetite AUDUSD
Read more »