Buffalo Bills safety Damar Hamlin will utilize the $10 million donated by kind-hearted well-wishers to support The Chasing M’s Foundation, a nonprofit, following his on-field collapse.
The 25-year-old’s plan, which began on Monday during a football game in January, received an unprecedented outpouring of support after he suffered a heart-stopping tackle. The Associated Press first shared the news.
Hamlin expressed in a declaration, “We have been extremely purposeful and mindful in regards to dedicating ample time to establish my philanthropic organization correctly.” “I am enthusiastic to commence disseminating information concerning initiatives we are formulating to influence a cohort of young individuals and contribute to society,” he included.
As per Kelley Denny, a representative for Hamlin’s charitable organization, they have donated over $9 million to a GoFundMe campaign and close to a million to a second online fundraising initiative established by The Giving Back Fund, a non-profit organization that assists athletes and famous personalities in overseeing their philanthropic contributions. The fact that individuals persistently contribute on a weekly, if not daily, basis to the fundraiser is just one indication of the profound emotional influence and bond that Hamlin shares with numerous individuals.
In January, Hamlin’s marketing representative stated that although the millions donated to the GoFundMe were supposed to be transferred to The Giving Back Fund, this has not happened yet. Hamlin’s team had initially mentioned that his family had made arrangements for The Giving Back Fund to serve as a fiscal sponsor for the funds received through GoFundMe. This arrangement enabled Hamlin’s team to engage in fundraising activities as a charitable organization.
“The accuracy of Sportico’s disputed statement was questioned by Marc Pollick, the CEO of the Giving Back Fund, who stated that the organization is always operated ethically, appropriately, and legally. The news outlet Sportico reported last week on the turmoil within the Giving Back Fund, which was sparked in part by the question of whether Hamlin’s donations to GoFundMe are charitable gifts.”
Hamlin stated in the declaration, “Contributors will possess complete tax-free standing.” “My charitable organization is not associated with the difficulties encountered by the management of The Giving Back Fund.”
In May 2020, Denny incorporated Pennsylvania as a nonprofit. According to his tax-exempt status, he applied retroactively last month and started Chasing M’s Foundation, his first venture, while he was still a student at the University of Pittsburgh in Pittsburgh.
Despite the fact that Kramer said the organization’s status is usually retroactive for applying, the IRS has the discretion to recognize Hamlin’s nonprofit organization as tax-exempt retroactively. The Nonprofit website, edited by Don Kramer, an attorney in Philadelphia, may depend on the IRS’s decisions regarding whether donors can claim a tax deduction for what they gave to GoFundMe after his injury, say the experts.
Few donors to GoFundMe Hamlin’s are likely to have a significant interest in claiming a tax deduction for their gift, as changes in the tax law in 2017 only allow those who itemize their taxes to claim charitable contributions for deductions at around 11 percent.
Lisa Delpy Neirotti, the director of sport management programs at George Washington University School of Business, expressed her belief that the general public could benefit from further education regarding the process of verifying tax deductibility when making monetary contributions. She urged GoFundMe to enhance their differentiation between fundraisers created by tax-exempt organizations and those that are not.
The GoFundMe company also confirmed that they will continue to hold the funds given to Hamlin’s campaign until they transfer them to the specified charitable organizations that benefit when they request it.
The Foundation M’s Chasing has filed Records with the Secretary of State of Pennsylvania, updating their incorporation articles to show that they will support the aspirations of community members, youth, and sports through activities promoting safety, health, and education, including training in AED & CPR.
She said it is uncommon for athletes to have a windfall of millions of dollars all at once. Instead, Neirotti usually advises athletes to partner with major organizations that are already working on causes they care about, starting with their own nonprofit.
Hamlin was said to have put a significant amount of money into that endowment, which will last long beyond his playing days.
Given permission to train with the Bills, Hamlin expressed his desire to resume playing in April. Alongside Congressional leaders, he has advocated for the availability of defibrillators in educational institutions and had the opportunity to meet President Joe Biden at the White House. Since his discharge from the hospital, Hamlin has collaborated with the American Heart Association on a campaign aimed at instructing a simplified form of CPR.
Lora Golke, who leads donor engagement at the Arizona Community Foundation, stated that many families and athletes often underestimate the amount of work it takes to run a nonprofit or foundation, as well as the knowledge and expertise required.
Golke stated, “Philanthropy is not his job. He is supposed to be doing his job as an athlete and at the same time, you should remember that.” Golke said that in order to provide advice to former athletes who settle in the state and major teams in the community, a philanthropy and sports center organization was started.
This is just the beginning of the impact I wanted to have on the world, with God’s guidance continuing to do great and wonderful things. I know that I am not thankful enough, but in his first public statements, Jan Hamlin thanked those who had given money to the fundraiser in a video posted on social media.