Tax return shows Texas One Fund distributed $11.7 million to Longhorns athletes during 2023 fiscal year
Non-profit collective supporting the Longhorns had $10.5 million in revenue and $13.7 in expenses, according to its tax return
The Texas One Fund non-profit collective that supports University of Texas athletics gave Longhorn athletes $11.7 million during the 2023 fiscal year, according to the most recent tax return obtained by A to Z Sports.
The organization took in $10.5 million in revenue while spending $13.7 million, according to the tax return.
The Texas One Fund is believed to be one of the nation’s biggest non-profit collectives supporting college athletes. Sportico first reported the financial specifics on Tuesday. A to Z Sports was able to independently obtain the tax return from the Texas One Fund, however an official declined further comment.
The tax return does not indicate which sport received distributions or how much any specific UT athlete received. Currently, NIL deals can remain private between an athlete and a third-party, however it must be reported to the athletic department if the value is more than $600.
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The tax return states the organization paid Charity Grady as the One Fund’s athlete director $138,461. President Patrick “Wheels” Smith and the rest of the One Fund board members did not receive any payment, according to the tax return.
A majority of the compensation was distributed through Opendorse, the fundraising operation that partnered with UT athletics almost the moment NIL payments were legalized.
Texas One Fund also paid $386,482 in contract and professional fees and $130,419 to use Clark Field. The exact total listed as being distributed to athletes was $11,717,673, according to the tax return.
Name, image and likeness language is now a major part of the documentation UT recruits sign when they come to the University.
Through an open records request, A to Z Sports obtained a copy of the new UT Athletics Scholarship Agreements being signed by all recruits going forward. The so-called ASA is being used since the longtime National Letter of Intent was eliminated by the NCAA in October.
Texas’ ASA states that the athlete authorizes “the University, its affiliates and any third party acting on behalf of the University” to use their name, image and likeness for promotional activities.
Athletes essentially must give UT permission to use their “name, nickname(s), image, picture, likeness, initials, biographical data, photograph, caricature, facsimile image, voice, streaming video or audio, autograph, signature, video or film portrayals, digital graphical representation, signature moves, quotes, phrases, interviews, statistics, facsimile signature, and any other identifiable features and means of endorsement,” according to the ASA.
In addition, all ASAs now being signed specifically state that athletes must report any NIL deals “in a timely manner” to the athletic department if the value totals $600 or more.
There is no reference to revenue sharing in the new ASA document as that is currently not allowed under Texas state law. However, the House vs. NCAA settlement is expected to create a pool of approximately $20.5 million the first year that athletic departments will share with athletes.
Yahoo Sports reported that pool would grow roughly 4% over the next two years and then be recalculated again, triggering a new three-year cycle.
