Paypal and Money Matters, Proposed Guidelines for 914 Angels Fundraising Options

[EdwardBlume]

Here are some proposed guidelines for fundraising and account maintenance for 914 Angels. Please add / opine as needed.

I. Purpose - to aid in financing parts, services, and charitable giving. Subsidized travel for key people (ie a Porsche mechanic) may be appropriate as well.
II. Resources - members of the 914 community who wish to help specific causes.
III. Method - Paypal and check
IV. Control -
i. The account will be used for 914 angels projects / contributions only.
ii. No soliciting for fundraising will occur without a consensus of action by 914 angels - in other words - we agree to raise funds by consensus. We will not raise money for other purposes (ie group buy for parts).
iii. Funds can be managed by a single person, but must be reviewed not less than every 30 days (more often is better - especially if active) by at least a second person (ie we want two people to watch funds at all times). Account information / activity should be posted in the protected forum in the interest of full disclosure.
iv. All contributions will be tracked by date, contributor, email address, amount given, amount less fees, and intended beneficiary.
v. All funds raised must go to their intended beneficiary. Funds short will be allocated based on need / importance. Funds over will be returned to the last in participants. No funds will lay in the account dormant. At all times, the funds will belong to the beneficiary, the giver, or the service provider (fees). UNDER NO CIRCUMSTANCES SHOULD money go to the account owner.
vi. All Disbursements must be agreed upon by the specific 914 Angel program coordinator plus one Angel. Disbursements will be made via Paypal, or potentially by check. Approved disbursements may be reimbursed via Paypal, but direct payment to vendors and beneficiaries is preferred.
V. The single person who sets up the 914 angel account may protect their OWN bank account, credit card, and credit by maintaining the password themselves, so long as account information / activity is shared with a second person, and again is posted on the 914 Angels protected forum.
If a person no longer wishes to back the account personally, reasonable efforts must be made to find a new person and create a new account, so that the single person can be free. If no one is found, it can be shut by the single person. Again, all funds must be used for the beneficiary. If there are any funds in the account at closing, funds must be returned to the contributors on a last in basis, less fees.
VI. Other Facts -
914 Angels - for now - is not an entity or a Person, meaning it cannot legally do business, open an account, or provide a service. These rules are self imposed by the individuals who from time to time may consider themselves a 914 Angel. 914 Angels is a coordination effort by like minded people to help others.

Recent Activity:
The Paypal account (established 9-28-09) is in MY name backed by MY credit card. I have the password, and it is set up as a personal account. If anyone has a better idea / setup... please let me know. It's extremely unlikely that I will provide the password to anyone as I kind of like my credit card and credit rating.

About Rob Ways:
My background is in banking. For the past 15 years, I've worked for Comerica Bank (NYSE: CMA) currently as Vice President in the Dealership Services Group (I finance car dealerships). In 2008, completed my MBA from Santa Clara University with a focus in Accounting (it was also the 16th year of catholic school for me). My wife and I live in Pleasanton, CA with our two kids. I own 2 914s, one stock '74 2.0 my Dad bought when I was 6, and '74 2.5 / 6 race car which my wife and I race in N. Cal. We have owned other Porsches (a 993, Boxster, former 914 / 4 race / street car) and a few parts 914s.

I appreciate more contributions and ideas on making fundraising safe, efficient, and 100% above the board.

[Kansas 914]

Here are some proposed guidelines for fundraising and account maintenance for 914 Angels. Please add / opine as needed.

Rob,

Thanks for the well thought out guidelines. I see nothing that I would change at this point and am very comfortable with your proposal.

[EdwardBlume]

Great! Thanks. Rick and Wayne what do you think??

[tat2dphreak]

Thanks for the well thought out guidelines. I see nothing that I would change at this point and am very comfortable with your proposal.

(IMG:style_emoticons/default/agree.gif)

it looks very good and extremely well thought out. and exactly how I would envision it at this point.

[rick 918-S]

My only regret is someday someone will need to step into your shoes. Those are some big shoes to fill. (IMG:style_emoticons/default/pray.gif) I'm so glad you are part of this team. That is a well written lucid and detailed outline. Thank you.

I think together with Wayne and Mike we can do good things.

[EdwardBlume]

Paypal is up and running. I confirmed it and funded it with $10. I will need to brush up on the fees however....

The email address we will use is:

edwardblume@gmail.com


Thanks, R

[Kansas 914]

Paypal is up and running. I confirmed it and funded it with $10. I will need to brush up on the fees however....

The email address we will use is:

edwardblume@gmail.com

Thanks, R

I think the fees run something like this:

Purchase payments received (monthly) Fee per transaction
$0.00 USD to $3,000.00 USD = 2.9% + $0.30 USD
$3,000.01 USD to $10,000.00 USD = 2.5% + $0.30 USD
$10,000.01 USD to $100,000.00 USD = 2.2% + $0.30 USD
> $100,000.00 USD = 1.9% + $0.30 USD

Example: $100 contribution would cost $3.20 so the net would be $96.80

[EdwardBlume]

Paypal is up and running. I confirmed it and funded it with $10. I will need to brush up on the fees however....

The email address we will use is:

edwardblume@gmail.com

Thanks, R

I think the fees run something like this:

Purchase payments received (monthly) Fee per transaction
$0.00 USD to $3,000.00 USD = 2.9% + $0.30 USD
$3,000.01 USD to $10,000.00 USD = 2.5% + $0.30 USD
$10,000.01 USD to $100,000.00 USD = 2.2% + $0.30 USD
> $100,000.00 USD = 1.9% + $0.30 USD

Example: $100 contribution would cost $3.20 so the net would be $96.80

Awesome. We will likely be in the 1st tier on transactions so we should budget roughly 3% over.