Tuesday, October 21, 2014

General Information and Recommendations

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GiveForward

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  GiveForward works in the USA only.
 According to GiveForward:

GiveForward is the easiest way to help a loved one in need. 
GiveForward pages empower friends and family to send love and financial support to patients as they navigate a medical crisis. Create a page today to spread hope and contribute to a loved one's out-of-pocket medical expenses.
They state that they are the only site in the world that specifically focuses on helping families raise money for medical expenses. They have personalized fundraising coaches assigned to each new user, so our users raise more money than on other fundraising sites or through traditional methods like spaghetti dinners.

Q.   What percentage of donations go to the individual conducting the fundraiser?
A.   93% goes to the beneficiary.

Q.   What percentage goes to GiveForward?
A.   7% (which includes the credit card processing).  This is on the low end of the spectrum compared to other online giving sites.   

Q.   What are the legal implications of the gifts for donors and recipients?
A.  Two-part answer:

 

  1. For beneficiaries, donations are treated a gifts.  They are not treated as ordinary taxable income unless the beneficiary was to receive a gift from one individual for more than $13,000.
  2. For Donors -  Donations are not tax-deductible.  This doesn't seem to matter to donors, as they really just want to help their loved ones and are not doing it for the tax-deduction.
    CLICK HERE FOR FAQ ON THIS ISSUE
    NOTE:  this is NOT tax advice.
Media Coverage of GiveForward

Click Here To Explore GiveForward

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