CBSSports.com is reporting that three bowl games – Alamo, Gator and Fight Hunger -- are in the process of being audited by the IRS.
The Gator Bowl, which is ironically sponsored by Taxslayer.com – a tax-filing company, was subjected to a “random audit” for 2011, a bowl spokesman told CBS.
In its fiscal year that is being audited, the bowl generated $9,337,137 in total revenue – more than one million more than it generated the previous year. The spike in revenue can be explained by the mid-level bowl featuring a matchup between Ohio State and Florida, schools whose fans travel in mass to bowl games. According to CBS, the bowl anticipates hearing a response from the IRS at some point this month.
Elsewhere, the IRS inspected “financial spikes” for the 2010-11 fiscal year for the Fight Hunger Bowl, which is presented by the San Francisco Bowl Game Association. That year’s matchup between Nevada and Boston College generated $3,843,572 in total revenue after hosting a sellout crowd of 41,063 fans and drawing a 1.87 television rating. The game generated more than $250,000 more than the previous year, but received a “clean bill of health” from the IRS in January.
Those who run bowl games have been extra careful ever since the Fiesta Bowl fiasco from three years ago. The bowl was nearly revoked of its BCS status and fined $1 million in 2011 for CEO John Junker using nonprofit funds generated from the bowl to pay thousands of dollars to political contributors and then trying to cover it up.
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