Extra Points: IRS non-profit NIL 2023 data review

Matt Brown and Andy Wittry did an 'audit' of non-profit NIL collectives, and shared their findings in this amazing piece. Going forward, non-profit collectives will likely cease to exist due to 'increased regulatory scrutiny' (aka the IRS knows this is bullshit).

For the more than 30 collectives whose 990s are available for both 2022 and 2023, their revenue increased by an average of 113% year over year. Their totals are graphed in the scatter plot below.

In 2023, The Hokie Way was the 11th highest-fundraising non-profit collective, reporting $3.38m. Here's the top 15:

1. Friends of the University of Notre Dame: $20.50 million
2. BPS Foundation: $14.07 million
3. Texas One Fund (Texas): $10.50 million
4. Florida Achievement Support Trust (Florida): $7.25 million
5. West Texas Matador Club (Texas Tech): $6.75 million
6. Flying T NIL (TCU): $6.06 million
7. Crimson Collective (Utah): $5.58 million
8. Boilermaker Alliance (Purdue): $4.99 million
9. Montlake Futures (Washington): $4.97 million
10. Garnet Trust Foundation (South Carolina): $3.51 million
11. The Hokie Way (Virginia Tech): $3.38 million
12. THE Foundation (Ohio State): $3.29 million
13. Bleeding Blue For Good Fund (UConn): $3.24 million
14. Reaching Champions Joining Hearts Foundation (Kansas): $2.96 million
15. Hoosiers For Good (Indiana): $2.61 million

Note that:

• this is only revenue, not payouts
• this is only non-profit collectives, not for-profit collectives (like Triumph)
• this is for the year 2023 - many tax filings from 2023 became available in the fall of 2024, which is why they're analyzing 2023 data in 2025.

Highly recommend reading the whole piece.