Re: [tdf-discuss] Foundation Fundraising

The problem there would be US tax law no? You'd have to pay taxes on it - since 
you as an individual would be receiving it, taxes which would outweigh the 
donation write-off you'd get on the other end.
Now, I am not a CPA or Tax Accountant, so I would highly recommend talking to 
one before doing anything like that.

It might be, however, feasible to get an existing 501(c)3 to do that for you 
though; perhaps the FSF, Linux Foundation, or one of the other existing Open 
Source entities could aid in that manner?

Ben



----- Original Message ----
> From: Benjamin Horst <bhorst@mac.com>
> To: discuss@documentfoundation.org
> Sent: Tue, February 8, 2011 12:07:42 PM
> Subject: 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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