Effective December 10, 2020
The GVNG Charitable Account (“Wallet”) fees are based on the following schedule:
|Account Balance||Fee Amount|
|First $500,000||2.0% Annually*|
|Next $500,000||1.5% Annually*|
|Amounts Above $1,000,000||1.0% Annually*|
* Fees deducted on a monthly basis
Crowdfunding Donation Fees
|Per Crowdfunding Donation||Fee Amount|
|< $25,000||5% Transaction fee + Payment Processing Fee|
|$25,001 – $99,999||4% Transaction fee + Payment Processing Fee|
|$100,000 >||3% Transaction fee + Payment Processing Fee|
The GVNGorg Board of Directors reviews and approves the fees periodically and may adjust them from time to time. The Crowdfunding Donation Fees are deducted as donations are processed. The Nonprofit Fee is based on an average daily account balance and is deducted from your account balance on a monthly basis.
This fee schedule does not include investment fees, or possible additional fees for international grant verification, wire transfers, or asset custody fees.
Funds Availability Policy
This disclosure describes your ability to grant funds in your GVNG Charitable Account to charities. Our policy is to delay the availability of some funds that are contributed to your account directly or through crowdfunding due to delays in funds availability imposed by payment processors. GVNGorg reserves the right to delay the availability of funds contributed to accounts that are for periods longer than those disclosed in this policy.
The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays.
Funds availability by payment type:
-Domestic Credit/Debit Card: 5 business days
-International Credit/Debit Card: 20 business days
-ACH/Plaid Bank Transfer: 3 business days
-Paypal: 3 business days
Investment Return Policy
The GVNG Wallet does not currently offer investment options or accrue interest or investment returns to the individual GVNG Wallet. It is anticipated that in the future the GVNG Wallet will offer several investment options and at such time GVNGorg would accrue to each GVNG Wallet their investment returns (including interest, dividends, and capital appreciation) per the prevailing interest schedule or investment agreement per the prevailing interest schedule or investment agreement as set by the Board of Directors of GVNGorg.
Gift Acceptance Policy
GVNGorg solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. The following policies and guidelines govern the acceptance of gifts made to GVNGorg for the benefit of any of its operations, programs, or services.
Gifts Generally Accepted Without Review
Cash: Cash gifts are acceptable via Stripe and Plaid and can be made via ACH transfer, wire transfer, debit card, credit card, and payments from approved third-party vendors. Checks from Foundations and Corporations are accepted per advance notification and in amounts greater than $5,000.
Marketable Securities: At this time, the acceptance of marketable securities is not yet permitted within the GVNG Wallet program. It is anticipated that in the future the GVNG Wallet will be able to accept marketable securities via an electronic transfer to an account maintained at one or more brokerage firms. All marketable securities would be sold promptly upon receipt unless otherwise directed by GVNGorg’s Investment Committee. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances, the decision whether to accept the restricted securities shall be made by the Board of Directors.
Restrictions on Gifts
GVNGorg will not accept gifts that (a) would result in GVNGorg violating its corporate charter, (b) would result in GVNGorg losing its status as an IRC § 501(c)(3) not-for-profit organization, (c) is too difficult or too expensive to administer in relation to their value, (d) would result in any unacceptable consequences for GVNGorg, or (e) are for purposes outside GVNGorg’s mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the GVNGorg Board of Directors, in consultation with the Chief Executive Officer.
Inactive Charitable Account Policy
The intent of a GVNG Wallet is to make grants to support charitable entities. To that end, the purpose of GVNGorg Inactive Charitable Account Policy is to promote and encourage the philanthropic spirit of its charitable accounts.
Grant recommendation(s) of at least $250 or 5% of the average daily balance, whichever is less, is required from a GVNG Wallet every three years in order to meet GVNGorg’s Inactive Charitable Account Policy. GVNGorg will consider a GVNG Charitable Account inactive if more than 30 months have passed since the account has made a grant to a qualified charity.
If an account has been identified as inactive, and after efforts have been made to communicate with the Account Advisor or their Successor, GVNGorg will transfer $250 or 5%, whichever is less, from the GVNG Wallet to the GVNG Impact Fund.
If a GVNG Wallet remains inactive (i.e., no grants and no contributions) for six consecutive years or in the event of the death or resignation of the last surviving lead or assigned advisor without a named Successor, GVNGorg reserves the right, in its sole discretion, to grant the entire balance of the GVNG Wallet to one or more qualified charitable organizations as nearly as possible or practicable consistent with the donor’s donative intent as determined by GVNGorg in reference to the granting history of the account or to the GVNG Impact Fund. If the account has no granting history, GVNGorg will transfer the entire balance of the account to the GVNG Impact Fund.
Notwithstanding anything herein to the contrary, if applicable laws require annual or periodic distributions from an applicable account, GVNGorg will transfer the minimum amount required to a qualifying charity.