CrowdFunding…

What is GoFundMe?

The following is an overview I compiled from the GoFundMe website for an educational assignment. While I have tried to be as accurate as possible, please see the website to obtain full details.

GoFundMe is a crowdfunding website that enables individuals, groups and organizations to raise money for different purposes. Fundraiser purposes listed on the GoFundMe website include: emergency, medical, memorial, charities, educational, nonprofit organizations, animals, business, community, creative, competition, events, faith, family, sports, travel, newlyweds, volunteers, wishes, and other. GoFundMe advertises that they are “the #1 expert” in online fundraising. They list trust, speed, tools, reach, and service as reasons for their success. See website for full and accurate details.

Description of the Requirements Needed

 to Qualify as a Potential Candidate:

There appears to be no requirements needed to qualify. Anyone can start a fundraising campaign. GoFundMe advertises they have no eligibility requirements. See website for full and accurate details.

Steps in the Process:

(Chart created from information located on the GoFundMe website by Patricia Kay Reyna, please see website for full details.)

Steps 1-3 Steps 4-6 Steps 7-9 Final Steps
1- Sign up on Site
and
Determine
Fundraising
Goal
4-Send out
Emails to your
contacts
7- Receive
Donations
Apply Funds
to
Goal
2-Prepare Your
Story
5- Send out Text Messages to Your Contacts 8- Thank
Donation
Donors
 
3- Select Pictures or Videos to Use 6- Share Your Fundraiser on Social Media 9- Funds are Withdrawn  

Success of the GoFundMe:

The current top three fundraisers as of today, 8-30-2019. See the website for full details.

“Contribute to Yash’s Future” Carteret, NJ (Raised $277,822 of $200,000).

“Help for baby Atlas” Fairbanks, AK (Raised $155,275 of $100,000).

“Help 6 Year Old Guy Sizikov” Sunnyvale, CA (Raised $128,427 of $180,000).

What GoFundMe takes as a Fee:

GoFundMe advertises as a free fundraising platform with no sign-up fees or eligibility requirements. Tips that are given by donors maintain the GoFundMe platform. There is a processing fee of 2.9% + $.30 per transaction). See website for full and accurate details.

How Long Does it take to get the Money Raised?

GoFundMe advertises that there is no long waiting period to get the money raised and that funds can be withdrawn “right away.” Withdrawing money does not affect the campaign. See website for full and accurate details

Restrictions:

There appear to be no restrictions.

Reporting Requirements:

There appears to be no reporting requirements. However, there is a way for people to submit claims if they feel funds are misused or if law enforcement determines funds were misused. Donations are refunded if determined that something “isn’t right” according to the website. These statements are backed by The GoFundMe Guarantee. See website for full and accurate details.

References

All of the information provided regarding GoFundMe was obtained from the GoFundMe website found at the following link:

https://www.gofundme.com/

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