Question
This organization was in the news because Damar Hamlin expanded his efforts to promote charitable giving by supporting a company that allows donors to give
This organization was in the news because Damar Hamlin expanded his efforts to promote charitable giving by supporting a company that allows donors to give to nonprofits immediately, while paying later. This service yields much higher average donations. The comparisons are about $600 dollars more than usual. The difference regarding the company being for profit is that as a profit, the donations would be more like income than a donation which would have to get taxed compared to the donation. Tax forms would be different as well. B Generous gives donors the option of covering some of the costs that it charges nonprofits. Through its service, B Generous sends a donor's full pledged amount, which must be a minimum of $75, to the nonprofit immediately and allows the donor to claim a tax benefit. Donors can then pay their pledge over three, six or nine months. Essentially, the donor gets a no-interest loan for their pledge. B Generous runs a soft credit check on potential donors and won't accept people with credit scores of less than 500. It also has a hardship program allowing people to skip or delay payments, though even in that case, the nonprofit will not have to repay any of the pledges. Since it launched publicly in October, the company has not had anyone default.
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