Professional athlete charitable foundations often have substantial impacts on the causes they support. One has to look no further than Lance Armstrong’s LIVESTRONG, Ronnie Lott’s All Stars Helping Kids, or Andre Agassi’s Athletes for Hope.
Despite the great successes of such pro athlete charitable foundations, many charities founded by pro athletes fail. Setting up a charity is not right for every professional athlete. Charities should be NOT be set up:
- For marketing or public relations purposes,
- To put friends and family on payroll, or
- To be used as a vehicle to support yourself later on in life.
Creating a charity requires a lot of passion, time and money, and most of all, a worthy cause.
For more information or to speak with a tax professional, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.