12th Man Foundation Halts 12th Man+ Fund Following Release Of IRS Memo

The 12th Man Foundation announced Wednesday that it had decided to cease the 12th Man+ Fund, its name, image and likeness branch, following the June 9 memorandum issued by the Internal Revenue Service that gave the agency’s legal stance on tax-exempt NIL funds.

"Following consultation with external advisors, the 12th Man Foundation is altering its approach to NIL, which includes discontinuing the 12th Man+ Fund," a statement released by the foundation read. "This decision was made to ensure the 12th Man Foundation meets its high standards for compliance and to protect the organization’s mission."

The 12th Man Foundation, Texas A&M’s primary athletics fundraising arm, announces that it will discontinue the 12th Man+ Fund, which was created for NIL activities.

Full announcement: pic.twitter.com/0bFtvKPnHF
— Sam Khan Jr. (@skhanjr) August 9, 2023

Per the statement, following a consultation from external advisors, fundraising for the organization's athletics department decided to halt plans on the restricted NIL fund to keep the 12th Man Foundation in compliance with the IRS. However, the decision will not prevent the foundation from supporting NIL opportunities for Aggie student-athletes.

"Supporters who have contributed to the 12th Man+ Fund will be contacted directly by 12th Man Foundation staff with their options including ways to redirect their contribution and continue investing in the student-athlete experience at Texas A&M," the statement continued.

The 12th Man Foundation first announced its plans to dip into the NIL realm back on February 15, and held a press conference at Reed Area prior to the men's basketball team's tip-off against Arkansas. 12th Man Foundation president and CEO Travis Dabney said the foundation would be flexible to keep in line with the NCAA's compliance.

During his initial press conference, Dabney said the foundation was accepting donations.

"We have an affiliation agreement … but our governance is by a 15-member board of trustees. It allows us to enter into this (pact) in a way that other universities could not, because their development operation would be in-house," said Dabney at the time.

Subscribe to the Texas A&M Aggies Daily Blitz Podcast!

Hey 12th Man! Want to see the Aggies in action? Get your Texas A&M game tickets from SI Tickets here!

Follow AllAggies.com on Facebook and Twitter!

Want the latest in breaking news and insider information on the Aggies? Click Here to Subscribe to the All Aggies Newsletter

Want even more Texas A&M Aggies News? Check out the SI.com team page here