Why does Givinga need personal information?
Givinga works directly with the Infinity Benefit Foundation (IBF), which is a 501(c)3 Sponsoring Organization. Through the Givinga platform, a personalized giving account is created in your name within the IBF. These accounts require personal information to maintain IRS requirements and provide you with tax information.
How does tax write-offs work with my account?
Your giving account is provided through an IRS created vehicle called a Donor Advised Fund (DAF). This account allows you to deposit money into your account and receive the tax write-off at the time of deposit. Once directed by you, that money will be sent to the approved 501c3 charity of your choice. Since you received a tax write-off when the money was deposited, there is no additional tax write-off when you grant the money to a charity of your choice.
How will transactions show on my Bank Account or Credit Card statement?
Since all transactions are processed by the Infinity Benefit Foundations, a private 501c3 Sponsoring Organization, all transactions will appear on your statements as Infinity Benefit Foundation.
Can I withdraw any of my assets once they are contributed to my account?
Because you receive an immediate current year tax deduction, contributions to your account are irrevocable and are non-refundable and may only be directed to an approved 501(c)3 charitable organization.
Can I create a special account name for my account?
Yes. Account names can be unique and can include the word “Fund” or “Account” (e.g., “ABC Charitable Fund”) or “Foundation.” The Account Holder has complete flexibility over the naming of their Account.
Are there any contribution minimums?
Account Holders may open an Account with a minimum initial contribution of $10. After the initial contribution, contributions of $10 or more may be made anytime.
Will a receipt be issued for my contribution for tax purposes?
Yes. Givinga will provide electronic acknowledgment for each contribution. This confirmation will serve as a receipt for tax purposes. All receipts and Account values may also be viewed online on givinga.com at any time. Also, an annual contribution summary is provided after year end to assist with tax preparation. Since the contribution to your account is eligible for a current year income tax deduction, any other receipts or acknowledgments received (e.g., from a charity to which a grant has been recommended) are duplicative and may not be used for tax purposes.
I would like to raise money for a charity I know using my account. Is this possible?
Account holders may solicit third-party contributions to their Account or on behalf of a specific charitable organization with the use of crowdfunding campaigns within the Givinga platform.
Are there any transaction fees?
Individual account holders do not have any asset or management fees. To maximize the money going to charity, there is a processing fee for credit card transactions of 3% that gets added on top of the transaction. There are no fees for processing transactions through ACH/E-Check.
I am Funding money to my Givinga Account, why does it say I am making a donation to the Infinity Benefit Foundation?
The Infinity Benefit Foundation (IBF) is a 501(C)3 public sponsoring organization. The IBF has partnered with Givinga to provide philanthropic tools to Givinga account holders, such as a Donor Advised Fund, which allows Givinga account holders to create and manage a Giving Account and receive a tax write-off at the time of the Funding event. The IBF does not charge any fee to Givinga Account Holders. See more about the IBF in the section titled Infinity Benefit Foundation.
What is the Infinity Benefit Foundation (IBF)?
The Infinity Benefit Foundation is one of the newest and most progressive Sponsoring Organizations in the United States. Their mission is to empower donors of all sizes through a transparent and accountable public charity platform that provides access to world-class giving accounts and promotes active and consistent giving. The IBF is an independent 501c3 public charity that believes that the advantages of a Sponsoring Organization should be available to all and not just the wealthy. The partnership with Givinga gives users an online platform with which to invest donations and create crowdfunding campaigns that can be used to collect donations from friends, family, and the public for the causes and charities you care about.
Why is the IBF partnered with Givinga?
The IBF is the Sponsoring Organization that acts as the custodian for all transaction within the Givinga platform. As a 501(c)3 Sponsoring Organization, the IBF allows users to create Giving Accounts and accelerate a tax deduction to the time the money was contributed to the account. The money can then only be distributed to approved 501(c) charities. This process is executed through a federal giving tool called a Donor Advised Fund.
What is a Donor Advised Fund (DAF)?
A DAF is a philanthropic vehicle established at a public charity, in this case, the IBF. It allows donors to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time.
What are the advantages of verifying and funding my account?
Once your giving account is created, you will gain access to powerful giving tools such as:
- Access to a charity database with information and ratings on charities powered by Charity Navigator.
- Ability to amplify your donations by running crowdfunding campaigns for your favorite charity.
- Organize and maximize your giving with a centralized account that pulls all your giving activity into one place.
What is Granting Money to Charity?
Granting is the act of sending money from your Giving Account to a registered and approved 501(c)3 charity.
Is my personal information shared with grant recipients?
Givinga / IBF will not share any personal information unless the Account Holder chooses to share their name and/or address with charities when recommending a grant. Account Holders are provided with options to indicate what level of information they would like shared with the charity at the time of granting money to a charity.
When will my money be sent to the charity?
All grants are processed, and money is sent to the selected charity on a weekly basis.
Are there any fees related to granting money?
No. There are no fees for Givinga account holders to grant money to charity.
How many times can I grant money per year?
There is no limit to the number of times you can grant money to charity.
May I sponsor a fundraising event by granting money from my account?
Yes and no. If there is no fundraising requirement for the event, then you may make a grant in honor of the participant. However, you may not make a grant from your Account to participate in or to sponsor yourself or a family member when there is any quid pro quo under the gift substantiation rules. Examples of ineligible grants include when the event provides hotel accommodations, dinners, snacks, and the like. You may, however, “sponsor” people who are not related to you on walks, rides, etc.
May I serve on the board of an organization and recommend a grant to it from my Account?
Yes, you may make grants to organizations in which you, your spouse or family members participate in a volunteer or board capacity. We simply ask that you certify that you will receive no personal benefit from the grant by agreeing to the terms and conditions at the bottom of the grant request form.
I would like to buy a table at a charity dinner. May I do so from my Account?
No, you may not. Under the Pension Protection Act of 2006, you may not support fundraising events for nonprofit organizations through your Donor Advised Fund if you are attending the event. Instead, you will have to pay the ticket price directly from your pocket and cannot recommend even a portion of the support for the event from your fund. Bifurcation of grants (splitting the “non-deductible” from the deductible portion of gifts) is no longer allowed per IRS regulations. If you are not attending the event, however, you may make a general operating support grant in honor of the program.
May I make my membership gift through my Account?
No, you may not. Under the Pension Protection Act of 2006, memberships to museums, aquariums, zoos, etc. may not be paid through a grant from your Account because these memberships carry with them more than an incidental benefit.
What is a campaign?
A campaign is a crowdfunding event that can be created on the Givinga platform. All campaigns must be set up to benefit an approved 501(c)3 charity. A campaign can be shared through your social networks and is publicly accessible to accept donations from both Givinga account holders and non-Givinga account holders.
Are there any fees related to running a campaign?
There are no fees for setting up and running a campaign. Any donations made by non-Givinga account holders will incur a fee of 5%. This fee is collected by the IBF and is not provided to Givinga. There is no fee for Givinga account holders to donate to a campaign. Individual donors may create a free Givinga account before donating to avoid any fees. The 5% fee is deducted prior to the money being sent to the specified charity when applicable.
What is a Sponsoring Grant?
A Sponsoring Grant is the money that a Givinga Account holder uses to create a new campaign. This money will be sent to the specified charity along with any additional money raised. The minimum Sponsoring Grant to start a campaign is $10.
How long does a campaign stay active?
You can set your campaign to stay active anywhere between 14 and 365 days. 14 days is the default setting. However, that can be adjusted when you create a campaign.
When does the money get sent to charity?
Any money raised through the campaign will be sent to the specified charity on a weekly basis.
Are donations to my campaign tax deductible to the donor?
Yes. Since the money raised through the campaign is designated for an approved 501(c)3 charity, all donations will be eligible for a tax deduction for the donor. When donating, the donor will automatically be emailed a tax receipt when applicable.
A user account on the Givinga Software Platform that provides permissions to perform a variety of functions defined by the user’s Givinga Account Type.
The Application to open a Funded Givinga Account on Givinga that goes through the Approval Process.
An individual who is authorized to recommend grants from a philanthropic account.
Account Holder Data
The electronic data or other information entered into the Givinga Platform by an Account Holder and all of the activity of that Account Holder that is tracked using the Givinga Platform.
Account Holder Profile
The required and optional information about the specific Account Holder.
Once an account is established, a Primary Account Holder may add to the fund at any time.
After a Sponsoring Grant is made to a Campaign, any additional Grants made by the founder are Add-on Grants.
The Infinity Benefit Foundation charges no annual Administrative fee and no fees based on assets under management.
Aggregate Social Multiplier, Aggregate Corporate Multiplier, Aggregate Private Foundation Multiplier
Aggregate Total Amplifiers / Total Campaign Grants from the Account Holder’s Foundation.
Any Internal Donation or External Donation to a Givinga Campaign.
Annual Withdrawl %
Annual Grants / Average Annual Balance of the funded Givinga Account for the most recently completed Calander Year.
The infinity Benefit Foundation’s IRS Form 990 is accessible through public online resources but does not disclose individual giving amounts or activity. The IBF offers various levels of anonymity as part of the grant recommendation process. Primary Account Holders may indicate a default preference for anonymity when executing a grant.
To create/edit a funded Givinga Account or create/edit a Campaign, Account Holders must go through an approval process.
A charity specific fundraiser, sponsored by a funded Givinga Account that occurs over a set period of time (not to exceed 365 days).
The predetermined length of a Campaign.
The page that an Account Holder can create that provides information about the Campaign and offers the ability to Donate to the Campaign.
A broadly defined charitable mission served by numerous Charities.
Charity or Charitable Organization
An organization that operates exclusively for public benefit by furthering causes such as religion, education, lessening burdens of the government, promotion of health, relief of poverty or distress, or other charitable purposes. Generally, exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code, and eligible to receive tax-deductible charitable gifts.
The page providing information about a charity that is populated by the Charity Navigator API.
Initial deposit to a Givinga Account by the Account Holder.
Corporate Account Holder
Representative on behalf of a Company, with associated user privileges and access.
Corporate Giving Program
A grant-making program established and administered by a profit-making company. Gifts or grants from the corporation go directly to charitable organizations. Corporate giving programs may work in concert with a philanthropic account.
Cumulative Withdrawl %
Annual Grants / Average Annual Balance of the Funded Givinga Account for the lifetime of the Account.
Current Account Balance
Initial Contribution + Additional Contributions + Donations – Grants
External Funds to transferred to a Givinga Campaign.
Someone who makes a Donation to a Campaign using External Funds.
Donor Advised Fund
A philanthropic giving vehicle administered by a charitable Sponsoring Organization. A donor advised fund (DAF) allows donors to establish and fund the account by making irrevocable, tax-deductible contributions to the charitable Sponsoring Organization. Donors then recommend grants from those funds to other charitable organizations.
Eligible Employees (EEs)
Employees that a Corporation deems eligible to participate in their giving program through Givinga.
Any funds that exist outside of the Givinga Software Platform.
The tax-deductible Donor Advised Fund (DAF) that is created at the IBF the first time an Account Holder establishes and Contributes to a Givinga Account.
Funded Givinga Account
An Individual or Corporate Account established at the IBF.
The actual source of the External Funds.
IBF Accelerator Fund
An Endowment fund established by the IBF from which grants are made to support Campaigns across the Givinga platform. The Infinity Benefit Foundation uses its discretion to make these grants.
National Sponsoring Organization
A tax-exempt organization with national reach in fundraising and grant-making. National Charities include independent organizations and other charitable organizations affiliated with financial institutions. Infinity Benefit Foundation is an Independent National Sponsoring Organization.
A nonprofit organization that is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and generally receives financial support from the public. Religious, most educational, and many medical institutions are public charities. Other organizations exempt under Section 501(c)(3) must pass a public support test to be considered public charities, or they must be formed to benefit an organization that is a public charity.
A recognized entity that exists to further religious or related objectives. Additional documentation may be required from these of organizations before the Infinity Benefit Foundation can issue them grants.
Social Multiplier, Corporate Multiplier, Private Foundation Multiplier
Total Amplifiers / Total Campaign Grants from the Account
The Account that created a particular Campaign and provided the Sponsoring Grant.
The initial Grant made to start a Campaign.
A charitable entity that exists in order to support (for example, with fundraising activities) an established public 501(c)(3) charity. Additional documentation may be required from these organizations before the Infinity Benefit Foundation can issue them a grant.
Tax ID Number for the Infinity Benefits Foundation (IBF)
The EIN for the Infinity Benefit Foundation is: 47-4172718.
A nonprofit organization that does not have to pay state or federal income taxes. Any organization (other than a church) seeking recognition of its status as tax-exempt must apply to the IRS and may have to fulfill additional state applications or registration requirements. Charities may also be exempt from sales and local property taxes.
Total Philanthropic Impact (TPI)
Total of all Grants from all Accounts.