WAG A GoFundMe for gymnastics

[Rockygym]

Bleaching of eyeballs would generally not be recommended

 

[sevenatenine2]

The sad thing about this one, in particular, is that she really is a very talented five year old. I know it's early, but I'd think she'd have just as good of a chance at NCAA as most other young, talented kids..

 

[gymbeam]

can someone link me to the one you're talking about?

 

[profmom]

I should not have said what I did. I am genuinely sorry. I think the less attention paid to these things, the better.

 

[Faith]

Out of interest, how do these crowd funding things work with the taxman?

I would assume they have to be declared and taxed as any income would be?

Or if they're raised for a specific purpose- gym fees, medical care etc, does that get it past inland revenue?

 

[kayjaybe]

Out of interest, how do these crowd funding things work with the taxman?

I would assume they have to be declared and taxed as any income would be?

Or if they're raised for a specific purpose- gym fees, medical care etc, does that get it past inland revenue?

That's an interesting question. If you haven't legally formed a charitable corporation, I would guess that you need to pay taxes on the income if it comes to you and you use it to pay for whatever (medical bills, gym fees, mission trip, etc).

 

[kayjaybe]

Found this about tax implications. In this case, the woman set up an account to raise money for someone else and the account holder (who didn't get any of the funds) got the tax bill!

She was able to get the account (and tax bill) transferred, but the owner of the account does seem to have tax responsibilities.

http://www.huffingtonpost.com/steve...lead-to-a-big-tax-bill-for-you_b_6615616.html

 

[profmom]

Yes, it counts as income, so it's taxable. And you can't set up a 501c3 to benefit your child.

 

[2G1B]

I had assumed that the money from these accounts wouldn't be taxable, that it would fall under "gifts"...

 

[bookworm]

I just looked at the instagram in question and I can't imagine that the kid keeps her eligibility....there's a pic of her "signing her contract with the Shine Agency"....heck, if she makes a ton of money off being represented by them, she can afford to pay for college with that. The thing I did find disappointing in this is that the agency she signed with was founded by Nastia...and Nastia surely knows a bit about keeping or foregoing eligibility... I know she turned pro toward the end of her Junior career but this kid is 5, and who knows what lies ahead for her. I guess I expected more from Nastia as a former gymnast..I could almost see if she were signed by another agent ( a la Scott Boras) who wasn't knowledgeable about the sport but Nastia?! ...that completely blew me away...

 

[HoldThePhone]

I just looked at the instagram in question and I can't imagine that the kid keeps her eligibility....there's a pic of her "signing her contract with the Shine Agency"....heck, if she makes a ton of money off being represented by them, she can afford to pay for college with that. The thing I did find disappointing in this is that the agency she signed with was founded by Nastia...and Nastia surely knows a bit about keeping or foregoing eligibility... I know she turned pro toward the end of her Junior career but this kid is 5, and who knows what lies ahead for her. I guess I expected more from Nastia as a former gymnast..I could almost see if she were signed by another agent ( a la Scott Boras) who wasn't knowledgeable about the sport but Nastia?! ...that completely blew me away...

I think that was the most disappointing part for me.

 

[Gym proud]

Agreed! So by signing with the Shine Agency- what does that do for the gymnast? Modeling stuff? Gymnastics stuff? I'm really clueless!

 

[kayjaybe]

I can't find any info on the Shine Agency except some tours going around. Nothing about their services or what they do. Not even a regular website.

I would hate to think a beloved Olympian is doing something that isn't 100% on the up & up or that it is in any way taking advantage of families and kids with dreams, so I'm going to give the benefit of the doubt that I just can't find the info or that the business plan is innocently unclear.

 

[lhmom]

I just looked at the instagram in question and I can't imagine that the kid keeps her eligibility....there's a pic of her "signing her contract with the Shine Agency"....heck, if she makes a ton of money off being represented by them, she can afford to pay for college with that. The thing I did find disappointing in this is that the agency she signed with was founded by Nastia...and Nastia surely knows a bit about keeping or foregoing eligibility... I know she turned pro toward the end of her Junior career but this kid is 5, and who knows what lies ahead for her. I guess I expected more from Nastia as a former gymnast..I could almost see if she were signed by another agent ( a la Scott Boras) who wasn't knowledgeable about the sport but Nastia?! ...that completely blew me away...

Looking at the pics that this girl's mom has posted on Instagram, I got the impression that the kid has modeled in the past (the posing, etc). I assumed that's what she was signing for and that maybe Nastia is starting her own gym line instead of collaborating with GK?

 

[amiandjim]

Not sure how accurate this is, but according to Simone Biles ask fm, the child in question signed with Shine to "do fun stuff, not to be paid."

 

[2G1B]

Is the kid really only 5? She looks way older than any 5 year old I have ever known. I would have guessed that she was 7or 8...

 

[suebee]

Is the kid really only 5? She looks way older than any 5 year old I have ever known. I would have guessed that she was 7or 8...

I was going to say the same thing. I have a 7 yo dd who is small for her age and just kind of looks young, so she frequently gets mistaken for being 5. But this girl looks much older and much more mature looking than not only my 7 year old, but her friends as well.

 

[Pineapple_Lump]

Half of all the instagram wonder child pictures just look like the entree for a P******** Picnic. Seriously other than a sub 14 year old, what normally functioning stranger has any interest in those sorts of photos.

 

[gymmom8772]

Funny you say that because to me I have a hard time believing she is 5 years old. She looks like she's at least 8!

 

[sevenatenine2]

She is really talented, but you're right...I wonder if her gymnastics talent (best five year old ever!) is just really that she's mature in physical development and coordination and when that evens out, so will her bring really advanced for her age.

I say this as the mother of a kid who read Junie B. Jones and Magic Treehouse at age 3 and I was convinced she was a future Mensa member. She's now a typical ten year old who, while very bright, is much more typical to her peers now than she was at 3.