Tax & Compliance
Sports and entertainment tickets are valuable corporate assets. They need to be managed and accounted for — and results tabulated — in a formal and compliant manner. Companies have had to rely on processes that are heavily manual, prone to error, and require significant time.Ticket use and purpose must be tracked and stored. Ensuring proper documentation – the foundation for compliance – requires capturing all data and making it readily available. Spotlight customers, like Huntington Bank a $56 billion regional bank headquartered in Ohio, have found significant improvement from an automated, centralized solution.
“Huntington Bank has an extensive sports marketing program that includes naming rights sponsorships, season tickets, and other hospitality assets… it is of utmost importance for us to track ticket usage for compliance and return on investment purposes. Prior to using Spotlight, we tracked our assets with a number of spreadsheets and manual processes. Spotlight has automated our process, given us a simple centralized system, and has allowed us to maintain compliance and track results at the click of a mouse.”
Foley and Lardner is one of the top-ranked sports law practice firms in the U.S. In the whitepaper they authored “Avoiding Legal Pitfalls in Sports and Entertainment Marketing,” they recommend protocols for companies to follow to mitigate their compliance risk
Inviting prospects and customers to sports and entertainment events has become a mainstream sales and marketing tactic. Used correctly, entertainment of this nature can make a positive contribution to sales and marketing efforts. But used incorrectly, the risk of running afoul of the law is high and the potential penalties are significant.
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Spotlight Ticket Management, Inc. does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. We are happy to provide an introduction to a certified tax or accounting professional.