Re: [tdf-discuss] Foundation Fundraising

Would it be legitimate and useful for a private US citizen to set up a Kickstarter with the 
stipulation that the funding would all be donated to the TDF legal entity in Germany?

If this approach is sound, then I or another US-based volunteer could set it up. When the campaign 
finishes and is disbursed, we'd transfer the money to TDF. 

Clear messaging on the campaign information pages would eliminate any likely misunderstandings from 
donors and supporters.

-Ben

On Feb 7, 2011, at 1:35 PM, drew wrote:

> On Mon, 2011-02-07 at 18:18 +0000, toki wrote:
> > -----BEGIN PGP SIGNED MESSAGE-----
> > Hash: SHA1
> >
> > On 02/07/2011 01:27 PM, drew wrote:
> >
> > > A requirement to have to have a US bank account in order to receive funds is not the same thing 
> > > as saying the money must be dispersed in the US only, is it?
> >
> > No.
> >
> > A couple of things to do, before setting up the business account:
> >
> > * Make sure that you really want to have a business presence in the
> > state that the bank that handles the account is located in.
> >
> > * Decide what currency you want the account to be denominated in.
> > (I don't know how that affects Amazon Processing.)
> > ( I don't know how FDIC works for non US-Dollar denominated accounts.)
> >
> > * Verify that the bank is financially sound.
> > (The Federal Reserve Bank is on track to close more financial
> > institutions this year, than in the previous two years, combined.)
>
> Good points but I don't see it quite same way, as kickstarter is an all
> of nothing situation - you set a target and if you hit it or exceed it
> you get the funds, if not they go back to the donors - so I would say
> you don't want to setup to do business of any kind in the US beyond the
> ability to accept funds into a checking account and then later transfer
> the funds as one lump sum to the proper account for the foundation and
> close the account.
>
> As for the target amount for 100,000 euro with a close date of March
> 30th, and todays exchange rate or 0.73 it would take $136,166 USD. Given
> the time frame $150,000 would seem a large enough cushion, even with
> fees, anyway that's just my quick swag at it.
>
> Also - Benjamin mentioned a different site that I have no information on
> and perhaps it does not have this US - either way, the necessary banking
> setup and then a media campaign..that is a darn tight schedule.
>
>
>
>
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Benjamin Horst
bhorst@mac.com
646-464-2314 (Eastern)
www.solidoffice.com


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