Fee rebate grant disbursement for gifts made March-May 2020
In early March, GiveMN announced that due to the unprecedented COVID-19 pandemic, we would donate our proceeds from the GiveMN.org processing fee for the months of March, April and May, as a rebate back to nonprofits and schools raising money through GiveMN.org. Please read below for the details about this grant.
When will I receive the fee rebate grant for my organization?
The funds from the entire rebate period are being included in each organization’s disbursement initiated June 10, 2020, labeled GiveMN Grant in the Adjustment section of your Disbursements report available through GiveMN.org.
What is the amount of the rebate grant?
GiveMN is using the Mightycause disbursement infrastructure to deliver a rebate of 1.76% of all completed donations received by organizations in the months of March, April and May 2020.
How did GiveMN determine the amount of the rebate grant?
It’s a bit of a math exercise, but here’s the nitty gritty details if you’re interested! Since 2016, the processing fee for all gifts on GiveMN.org has been 6.9%, with the option for donors to cover the cost. Of that total fee cost, 2.0% is retained by GiveMN to support our mission pursuit and sustainability as a nonprofit.
When a donor covers the processing fee, they add 6.9% to their card transaction, and there are card fees assessed with that additional cost, too. GiveMN pays the additional processing costs out of our 2% fee proceeds to ensure 100% of the donor’s intended gift goes to your organization. For instance, if a donor makes a $100 gift and covers the fee, they are paying the additional $6.90 fee associated with their gift, and GiveMN is paying the credit card fee associated with the additional $6.90.
For this rebate period, GiveMN’s proceeds after paying the additional card fees on donor-covered fees sitewide was 1.76%, and that’s what we’re granting back to your organization. There are no restrictions, reporting, or follow-up requirements related to this rebate grant.
How much in total is GiveMN donating through rebate grants?
As part of this fee rebate, GiveMN is granting more than $200,000 to 3,000+ nonprofits and schools. Giving volume on GiveMN.org was up more than 1,600% during these three months over volume from March-May 2019, and our values of operating from abundance and connection to community led us to the decision to rebate our portion of the processing fee during this truly unprecedented time.
What about the month of June and beyond?
GiveMN relies on revenue from the processing fee, 94% of which is covered by donors, to keep our nonprofit sustainable and offer programs like RaiseMN, Give to the Max Day and more. After offering a rebate for three months of this year, we will be moving back to our regular fee structure in place since 2016.
However, we did not expect the COVID-19 pandemic to be compounded by the tragic killing of Mr. George Floyd, and the organizing, protests, and unrest that has followed. Donations on GiveMN.org have been very high compared to previous years because of those events, and GiveMN will donate our proceeds from the processing fee for the month of June to nonprofit community partners committed to anti-racism and systems change in Minnesota. We will share the specific organization(s) we will be granting to at a later date.
Fee rebate grant disbursement for gifts made March-May 2020
In early March, GiveMN announced that due to the unprecedented COVID-19 pandemic, we would donate our proceeds from the GiveMN.org processing fee for the months of March, April and May, as a rebate back to nonprofits and schools raising money through GiveMN.org. Please read below for the details about this grant.
When will I receive the fee rebate grant for my organization?
The funds from the entire rebate period are being included in each organization’s disbursement initiated June 10, 2020, labeled GiveMN Grant in the Adjustment section of your Disbursements report available through GiveMN.org.
What is the amount of the rebate grant?
GiveMN is using the Mightycause disbursement infrastructure to deliver a rebate of 1.76% of all completed donations received by organizations in the months of March, April and May 2020.
How did GiveMN determine the amount of the rebate grant?
It’s a bit of a math exercise, but here’s the nitty gritty details if you’re interested! Since 2016, the processing fee for all gifts on GiveMN.org has been 6.9%, with the option for donors to cover the cost. Of that total fee cost, 2.0% is retained by GiveMN to support our mission pursuit and sustainability as a nonprofit.
When a donor covers the processing fee, they add 6.9% to their card transaction, and there are card fees assessed with that additional cost, too. GiveMN pays the additional processing costs out of our 2% fee proceeds to ensure 100% of the donor’s intended gift goes to your organization. For instance, if a donor makes a $100 gift and covers the fee, they are paying the additional $6.90 fee associated with their gift, and GiveMN is paying the credit card fee associated with the additional $6.90.
For this rebate period, GiveMN’s proceeds after paying the additional card fees on donor-covered fees sitewide was 1.76%, and that’s what we’re granting back to your organization. There are no restrictions, reporting, or follow-up requirements related to this rebate grant.
How much in total is GiveMN donating through rebate grants?
As part of this fee rebate, GiveMN is granting more than $200,000 to 3,000+ nonprofits and schools. Giving volume on GiveMN.org was up more than 1,600% during these three months over volume from March-May 2019, and our values of operating from abundance and connection to community led us to the decision to rebate our portion of the processing fee during this truly unprecedented time.
What about the month of June and beyond?
GiveMN relies on revenue from the processing fee, 94% of which is covered by donors, to keep our nonprofit sustainable and offer programs like RaiseMN, Give to the Max Day and more. After offering a rebate for three months of this year, we will be moving back to our regular fee structure in place since 2016.
However, we did not expect the COVID-19 pandemic to be compounded by the tragic killing of Mr. George Floyd, and the organizing, protests, and unrest that has followed. Donations on GiveMN.org have been very high compared to previous years because of those events, and GiveMN will donate our proceeds from the processing fee for the month of June to nonprofit community partners committed to anti-racism and systems change in Minnesota. We will share the specific organization(s) we will be granting to at a later date.