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#1
Old 04-23-2012, 01:34 PM
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Post Comments Thread For: Mayweather, Mosley Team Up For May 3 Fundraiser Event

Las Vegas - The Floyd Mayweather Jr. Foundation (TFMJF) and Sugar Shane Mosley's Diamond's Love Foundation are proud to present "Spring of Style," a unique fundraising event in conjunction with the "Ring Kings: Mayweather vs. Cotto" mega-fight. "Spring of Style" will take place on Thursday, May 3 at 7:00 p.m. PT at the Talent Pool at MGM Grand in Las Vegas, Nev., just two days before the biggest fight of 2012. The benefit will support the charitable work of both Mayweather and Mosley and the two future Hall of Famers' respective organizations and a local Las Vegas based charity.

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#2
Old 04-23-2012, 01:36 PM
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In B4 publicity stunt
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#3
Old 04-23-2012, 02:32 PM
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guess it's something good & gives them both something to do besides sitting in a hotel room 2 days be4 the bout...
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#4
Old 04-23-2012, 02:58 PM
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How about mayweather vs pacquiao 45-45 split with the remaining 10% to charity?

Nah but seriously this is a food look for both of them.
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#5
Old 04-23-2012, 03:49 PM
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As someone who works in a non-profit, I applaud both fighters for putting on a fundraiser. I do have some questions, though, about the transparency of the event. The website for the event talks about what will happen at the event (somewhat) - food, drinks, entertainment - and the ticket prices, but doesn't really elaborate on where the money is going.

Mosley's goals are clearly spelled out in the press release: that it is for a charity that focuses on care seats for infants. The foundation itself, though, needs some work. The website is a shell, and fairly incomplete. See http://diamondslovefoundation.org and you'll see what I mean. They don't appear on Guidestar.org yet, though that may be because the foundation is too new to have appeared on the website, or to have filed tax forms.

Mayweather's charity has been around since 2007, so their financials are available on guidestar.org. If you read the financials, you'll see that the officers of the organization are mostly the same people who are always in Mayweather's circle - Floyd himself, Leonard Ellerbe, etc. It would appear that there are no paid employees, and the only salary expenses are for contractors - I'm guessing the publicist, and people like the person/company who prepares the tax forms. You'll also see that the budget of the organization was about $900,000 one year, and then about $3500 the next year. This tends to suggest that the Foundation is part tax shelter, and part image boosting. To be fair, most celebrity foundations have those two goals in mind, so Mayweather's is no different. Nonetheless, if Floyd wants to talk about how he's so focused on feeding the homeless, he might put a bit more emphasis into making the organization a bit more legit. He certainly has the money to fund the non-profit. A legit non-profit would spell out where the money is going on the website. Any potential donors want to know where their donations are going, and in what proportions. While the press release doesn't spell out where the FMJF money goes, the website shows that they support a few initiatives, including a boxing summer camp, education regarding making wise decisions with money (seriously...), a girls empowerment program, and a couple other things, including feeding the homeless. But how much money goes to each program? How much money goes to administrative expenses? If I donate $100, how is that money spent? Also, in the bit about feeding the homeless, the website talks about doing that at least 2x/month. Who are the people who are handing out these sandwiches? Who prepares the sandwiches? Is it Floyd Mayweather himself, as an episode of 24/7 made it look, is it "The Money Team," can people who are not inside Floyd's circle volunteer?

Both of these foundations have the potential to be more than just tax shelters and image boosters, but both need some work. "Like I said before," though, I applaud both fighters for putting this on, and would like to see more connections between major boxing events and charity events.

Last edited by dmarlay; 04-23-2012 at 07:22 PM.
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#6
Old 04-23-2012, 03:54 PM
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Originally Posted by jonesgotti View Post
Smart to have it the weekend of the fight. Lots of celebs, wannabe celebs who want to break bread, and people like me trying to get a tax break. Should bring in a lot of jack.
If you're trying to get a tax break, be careful how you report it. The full price of the ticket is not entirely tax deductible. The only part that's tax deductible is the portion of the ticket that is more than the price of the cost. The event costs money to put on - renting the venue, paying the catering, etc. Because you're getting "something" for your donation (food), you can't claim that as a deduction. But if the event costs $50 per person to put on, and they charge $100, then the $50 over the cost is deductible. You should talk to your tax preparer about this, and if you're going to the event, try to find out how much of the ticket price is deductible.
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#7
Old 04-23-2012, 08:09 PM
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Originally Posted by dmarlay View Post
As someone who works in a non-profit, I applaud both fighters for putting on a fundraiser. I do have some questions, though, about the transparency of the event. The website for the event talks about what will happen at the event (somewhat) - food, drinks, entertainment - and the ticket prices, but doesn't really elaborate on where the money is going.

Mosley's goals are clearly spelled out in the press release: that it is for a charity that focuses on care seats for infants. The foundation itself, though, needs some work. The website is a shell, and fairly incomplete. See http://diamondslovefoundation.org and you'll see what I mean. They don't appear on Guidestar.org yet, though that may be because the foundation is too new to have appeared on the website, or to have filed tax forms.

Mayweather's charity has been around since 2007, so their financials are available on guidestar.org. If you read the financials, you'll see that the officers of the organization are mostly the same people who are always in Mayweather's circle - Floyd himself, Leonard Ellerbe, etc. It would appear that there are no paid employees, and the only salary expenses are for contractors - I'm guessing the publicist, and people like the person/company who prepares the tax forms. You'll also see that the budget of the organization was about $900,000 one year, and then about $3500 the next year. This tends to suggest that the Foundation is part tax shelter, and part image boosting. To be fair, most celebrity foundations have those two goals in mind, so Mayweather's is no different. Nonetheless, if Floyd wants to talk about how he's so focused on feeding the homeless, he might put a bit more emphasis into making the organization a bit more legit. He certainly has the money to fund the non-profit. A legit non-profit would spell out where the money is going on the website. Any potential donors want to know where their donations are going, and in what proportions. While the press release doesn't spell out where the FMJF money goes, the website shows that they support a few initiatives, including a boxing summer camp, education regarding making wise decisions with money (seriously...), a girls empowerment program, and a couple other things, including feeding the homeless. But how much money goes to each program? How much money goes to administrative expenses? If I donate $100, how is that money spent? Also, in the bit about feeding the homeless, the website talks about doing that at least 2x/month. Who are the people who are handing out these sandwiches? Who prepares the sandwiches? Is it Floyd Mayweather himself, as an episode of 24/7 made it look, is it "The Money Team," can people who are not inside Floyd's circle volunteer?

Both of these foundations have the potential to be more than just tax shelters and image boosters, but both need some work. "Like I said before," though, I applaud both fighters for putting this on, and would like to see more connections between major boxing events and charity events.
Thanks for the post. I learned a lot.
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#8
Old 04-24-2012, 06:51 AM
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Quote:
Originally Posted by dmarlay View Post
As someone who works in a non-profit, I applaud both fighters for putting on a fundraiser. I do have some questions, though, about the transparency of the event. The website for the event talks about what will happen at the event (somewhat) - food, drinks, entertainment - and the ticket prices, but doesn't really elaborate on where the money is going.

Mosley's goals are clearly spelled out in the press release: that it is for a charity that focuses on care seats for infants. The foundation itself, though, needs some work. The website is a shell, and fairly incomplete. See http://diamondslovefoundation.org and you'll see what I mean. They don't appear on Guidestar.org yet, though that may be because the foundation is too new to have appeared on the website, or to have filed tax forms.

Mayweather's charity has been around since 2007, so their financials are available on guidestar.org. If you read the financials, you'll see that the officers of the organization are mostly the same people who are always in Mayweather's circle - Floyd himself, Leonard Ellerbe, etc. It would appear that there are no paid employees, and the only salary expenses are for contractors - I'm guessing the publicist, and people like the person/company who prepares the tax forms. You'll also see that the budget of the organization was about $900,000 one year, and then about $3500 the next year. This tends to suggest that the Foundation is part tax shelter, and part image boosting. To be fair, most celebrity foundations have those two goals in mind, so Mayweather's is no different. Nonetheless, if Floyd wants to talk about how he's so focused on feeding the homeless, he might put a bit more emphasis into making the organization a bit more legit. He certainly has the money to fund the non-profit. A legit non-profit would spell out where the money is going on the website. Any potential donors want to know where their donations are going, and in what proportions. While the press release doesn't spell out where the FMJF money goes, the website shows that they support a few initiatives, including a boxing summer camp, education regarding making wise decisions with money (seriously...), a girls empowerment program, and a couple other things, including feeding the homeless. But how much money goes to each program? How much money goes to administrative expenses? If I donate $100, how is that money spent? Also, in the bit about feeding the homeless, the website talks about doing that at least 2x/month. Who are the people who are handing out these sandwiches? Who prepares the sandwiches? Is it Floyd Mayweather himself, as an episode of 24/7 made it look, is it "The Money Team," can people who are not inside Floyd's circle volunteer?

Both of these foundations have the potential to be more than just tax shelters and image boosters, but both need some work. "Like I said before," though, I applaud both fighters for putting this on, and would like to see more connections between major boxing events and charity events.

Man, who are you? the IRS or FBI? Who cares where his money goes. It's his money and he earned it the old fashion way thru honest hard work and dedication. So, if he wants to hide it from the greedy government who takes enough of our hard earned money as it is, then more power to him. Now why don't you go and research Oscar De la hoya and countless of other multi-millionaires who are doing the same with their charitable foundations and come back and give us the facts as you have done here with Mayweather. I would really appreciate that, Thank You!

Last edited by iniduoh; 04-24-2012 at 06:53 AM.
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#9
Old 04-24-2012, 01:57 PM
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Originally Posted by iniduoh View Post
Man, who are you? the IRS or FBI? Who cares where his money goes. It's his money and he earned it the old fashion way thru honest hard work and dedication. So, if he wants to hide it from the greedy government who takes enough of our hard earned money as it is, then more power to him. Now why don't you go and research Oscar De la hoya and countless of other multi-millionaires who are doing the same with their charitable foundations and come back and give us the facts as you have done here with Mayweather. I would really appreciate that, Thank You!
It does matter where the money goes. By using your argument, donors that work hard for their money need to know that their money is going to the right place.

Corruption is all about the lack of transparency. Like the original poster said, charities/foundations get major tax break benefits, while at the same time enhancing the public image of the celebrities representing of those charities. If the charity is not clear about where donor money is going, that's just an obvious red flag.

There should be a special place in hell for wealthy people that use charities to hide their money and rip off donors.
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Old 04-24-2012, 02:16 PM
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Mayweather, Mosley Team Up For May 3 Fundraiser Event
This, and all the other "altruistic" events Floyd has done will be presented to the Judge.

+

The fact that he hasn't been in trouble since the incident w/ his baby mama.

+

Showed up to all the mandated anger management classes.

=

Floyd will NOT spend 1 day in prison.
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