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Family offices are using impact investing strategies and venture philanthropy to make a lasting difference in the world. Unlike traditional investments, impact investments are designed to generate positive, measurable social and environmental impacts alongside financial returns. Venture philanthropy is an approach to philanthropy that applies the principles of venture capital financing to achieve philanthropic goals. The primary goal of both of these investment strategies is to deploy capital to generate positive returns that are measured both in terms of their financial success as well as their environmental and social impact.  Here’s a deeper look at how family offices can
Continue Reading Family Offices that Have a Mission for Their Money

As everyone in the college sports world should now know, college athletes can now be paid for their name, image and likeness (“NIL”). The Supreme Court said so when they ruled against the NCAA in 2021, and forced them to change their rules to let college players earn money on their NIL.  Not everyone is a fan of NIL and some think it will ruin college sports.  Some people believe that “amateurs” should not get paid, and that only “professionals” should get paid.  It’s a simple choice, either choose to be an amateur or choose to be a professional.

Continue Reading To Pay or Not to Pay – The Case for Amateur Athletes

With the early signing period now open for college football, there is no question that NIL money is having a major impact on college recruiting.  Coaches are being forced to address NIL issues with recruits despite NCAA guidance that says that you can’t use NIL money to recruit a college player. Coaches across the country are having a hard time handling recruits who expect NIL money to be offered to them despite clear rules against it. Unfortunately, the NCAA has provided little guidance, and even less enforcement, leaving coaches and programs wondering what to do when future players attempt to
Continue Reading NIL Dominates National Recruiting

On October 26, 2022, the NCAA’s Division I Board of Directors unanimously voted to clarify how schools and collectives can be involved with the name, image and likeness (NIL) activities of enrolled student-athletes.  The Board found it necessary to provide additional guidance to schools and booster organizations on a number of key questions that have arisen since the adoption of the Interim NIL Policy in July of 2021.  The guidance appears to address several questions related to booster organizations known as “collectives” that have been raising funds for NIL activities in cooperation with schools.  The guidance defines collectives generally as
Continue Reading NCAA Clarifies NIL Rules for Institutions

Illinois Governor, JB Pritzker, signed into law Senate Bill 2338, effective on July 1, 2021, which allows student athletes to be compensated for the use of their name, image, likeness, or voice (NIL). The Student-Athlete Endorsement Rights Act (the “Illinois Act”) essentially prevents organizations like the NCAA and post secondary educational institutions from upholding any rule, requirement, standard, or other limitation that prevents a student athlete from earning compensation for the use of their NIL. Previously, NCAA rules prevented student athletes from earning compensation for the use of their NIL. The NCAA’s Division I Council is also expected to
Continue Reading Illinois Passes Student-Athlete Endorsement Rights Act

The Tax Cuts and Jobs Act (“TCJA”) that was signed into law in 2017, made forming a company and making an appropriate tax election a challenging decision, and the election results have made it even harder.  While it looks like Biden is our new President, the Democrats have not taken control of the Senate, so getting new tax legislation passed seems unlikely, but you never know.  New Companies who plan to be around for a long time need to make decisions today that will stand the test of time. If Democrats can win a few more seats in the 2022
Continue Reading The Impact of the Election on Making Company Formation Tax Elections

For the past several years, Family Offices have increased their appetite for direct investments and co-investments with other Family Offices and private equity funds.  On February 21, 2020, Forbes reported that going direct was an “undeniable trend” and focused on the 5 Reasons Why Family Offices Are Focusing on Direct Investments which included greater control and decision-making ability, better value and interest in alignment and return, reduced fees and expenses, the strength of Family Office networks and the ability to make an impact. UBS reported in their Global Family Office Report 2019, that private equity outshined other investment classes
Continue Reading Risks and Opportunities for Family Offices in the Direct & Co-Investment World

Today, the SBA provided some additional guidance on the certification issues related to Paycheck Protection Loans.  In order to get a loan in the first place Borrowers were required to certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”  Today, the SBA essentially said that if you borrowed less than $2 Million, then you don’t need to worry about it.  The SBA will now presume that “[a]ny borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have
Continue Reading New SBA Safe Harbor Puts Borrowers at Ease

As businesses scrambled to get a loan under the Paycheck Protection Program (“PPP”) that was created under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), they must now decide how to use those proceeds so that they are both consistent with the law and maximize loan forgiveness.

If after getting the loan, you don’t really need the money consider giving it back, because if you really don’t need the money, you might not have been eligible in the first place.  The law says that you have to certify “that the uncertainty of current economic conditions makes necessary the
Continue Reading So You got the Paycheck Protection Loan, Now What?

On Friday, March 20, 2020, JB Pritzker, Governor of Illinois, acting pursuant to the Illinois Emergency Management Agency Act, issued Executive Order 2020-10 (the “Order”), requiring all Illinois residents to stay at home, except as may be permitted under the Order.  All Non-essential business and operations were required to cease, except for certain Minimum Basic Operations, and all Essential Business and Operations were encouraged to remain open.  All public and private gatherings of any number of people occurring outside a single household or living unit were prohibited with limited exception, and gatherings of ten or more people inside a home
Continue Reading Operating an Essential and Non Essential Business – Under Illinois Executive Order 2020-10

On May 11, 2019, Steven Thayer delivered the commencement speech to over 600 graduates, parents, and faculty, at the College of Liberal Arts and Sciences Department of Economics graduation ceremony.  Thayer is a 1988 graduate of the University of Illinois College of Liberal Arts and Sciences and has a Bachelor of Arts Degree in Economics. Thayer also attended DePaul University College of Law and Graduate School of Business and has a joint JD/MBA degree from DePaul.  Thayer’s Speech, entitled “We, Not Me” focused on recognizing the efforts of the people who contributed to your life, as well as encouraging everyone
Continue Reading 2019 University of Illinois LAS-Econ Commencement Speaker – Steven J. Thayer

The IRS issued proposed regulations on Opportunity Zones on Friday, October 19, 2018.  The 2017 Tax Cuts and Jobs Act (the “Act”) created Opportunity Zones to spur investment in distressed communities throughout the country by providing tax benefits related to the deferral of capital gains.  Pursuant to the Act, States were permitted to designate certain distressed communities throughout the United States as Opportunity Zones.  By June of 2018, over 8,700 communities in the United States and related territories were designated as qualified Opportunity Zones. According to the Act Investors are allowed to defer tax on almost any capital gain up
Continue Reading IRS Issues Proposed Regulations on Opportunity Zones on October 19

On October 8th-10th 2018, Steve Thayer spoke at the ADISA Annual Conference in Las Vegas, Nevada on how family offices invest private capital. The Alternative and Direct Securities Association (ADISA) is the nation’s largest investments association providing networking, education and advocacy for its members. ADISA provides legislative and regulatory advocacy, networking and access to peers, professionals, leaders and regulators, and knowledge through information and education. Annually, ADISA hosts many conferences all over the U.S. providing optimum education and networking for its members.
Continue Reading Alternative & Direct Investment Securities Association 2018 Annual Conference

The regulatory framework in the United States (“US”) related to the sale and issuance of cryptocurrencies is a mess. Today, there is no single regulatory body in the US that governs the purchase and sale of cryptocurrencies.  The Securities and Exchange Commission (“SEC”) is relying upon a Supreme Court case from 1946 to say that the issuance and sale of some cryptocurrencies could be securities subject to their regulation. The Commodities Futures Trading Commission (“CFTC”) calls cryptocurrencies  “commodities” similar to corn and wheat and therefore subject to their regulation.  The Financial Crimes Enforcement Network (“FINCEN”) wants to regulate anyone who
Continue Reading The Cryptocurrency Regulatory Conundrum

The new Tax Cuts and Jobs Act (the “Act”) created new tax incentives for the ownership and development of property in federally designated Opportunity Zones.  An Opportunity Zone is an economically distressed community that is nominated by a State and certified by the Internal Revenue Service.  What is interesting about the Act is that it allows for the deferral of some, or all, of the gain associated with the sale of a business, real estate, stock, or other capital assets, by electing to roll-over the gain within 180 days of the sale, into a Qualified Opportunity Fund (“QOF”).   All taxes
Continue Reading Opportunity Zones – Meet Impact Investing

Once again Handler Thayer, LLP hosted its annual Handler Thayer Family Office Forum at the University Club in Chicago, Illinois.  This year’s conference was held on Wednesday, June 27, 2018.  The primary purpose of the conference is to educate families offices about how to manage and operate their family offices.  Last year Handler Thayer welcomed over 200 participants including single family offices, multi-family offices, advisers, and business owners. We had another informative conference this year!
Continue Reading Handler Thayer Family Office Forum – June 27, 2018