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[ Corporate Tax - Intermediate Sanctions Excise Taxes ]

Case Study #5 - Vendor Relationship
Intermediate Sanctions :|: Case Studies of Potential Excess Benefit Transactions

Jumpshot Jones was an outstanding basketball player during his four years as an undergraduate at Penn. After graduating in 1997, Jumpshot went on to play for the Sixers at a salary he never dreamed he would earn. Jumpshot retained close ties with Penn and with his former coach. During his brief professional basketball career, Jumpshot established an endowed fund to be used at the discretion of the Athletic Director to further the purposes of the Penn basketball program. Jumpshot’s gift was the second largest in the history of the Athletic Department and made him a substantial contributor to Penn as defined by the IRS. When an injury ended Jumpshot’s professional career in 2001, his father welcomed him into his successful Center City printing business, Premier Printers, as an equal partner. One of the first sales calls Jumpshot made was to his former coach. Jumpshot presented a proposal for a multi-year deal for printing services, which included printing tickets and programs for Penn’s basketball and football games, and for the Penn Relays. The basketball coach turned the proposal over to the Business Administrator for review. Upon investigation, the BA discovered that Premier Printers already had a contract for printing services with the Athletic Departments at Drexel and Temple. Although the cost of using Premier would be higher than what the Penn Athletic Department had been paying, the quality of the printing would be better, and Premier’s references were excellent and the prices were comparable to what Drexel and Temple were paying. The BA recommended the deal to the Athletic Director, who signed the contract.

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