FREQUENTLY ASKED QUESTIONS
Are you asking yourself what crowdfunding really is? Do you have questions? This is a great place to start for answers!
Crowdfunding is the practice of sourcing small contributions from a large number of people to provide funding for a particular project or campaign, usually via the Internet. Learn more about TLC Crowdfunding here.
A community-based crowdfunding platform is designed to maximize the connections you make within your hometown. Our platform offers features designed for local communities such as in-kind contributions, matching contributions, sponsored rewards and local mentoring and support.
Individuals or groups create fundraising campaigns with a specific funding goal and timeline to fund a project. Supporters can contribute to the campaign financially and are encouraged to share the campaign with their own community and social network.
Anyone! Contributions to a projects fundraising campaign can be made by any individual or organization across the US and around the globe.
Browse campaigns and find one (or more!) that you would like to contribute to. Enter a dollar amount and then click “Contribute Now.” You will be asked for your contact and credit card information.
You can also contribute by telling your friends and family about a campaign and spreading the word across your social networks.
All major credit cards (Visa, MasterCard, American Express, Discover) can be used online. Campaigns can also raise money off-line through events in their community.
The minimum donation for any campaigns hosted on thelocalcrowd.coop is $1 USD unless otherwise specified by the campaign owner. There is no maximum limit to how much can be donated to any given campaign.
Immediately upon donation. The transaction on your bank statement will be from The Local Crowd Cooperative.
It is recommended that you consult with your tax professional to answer this question.
No, our crowdfunding software does not store any payment or credit card information.
No, the only information visible in the “contributor list” is your name, location (city & state), and transaction date. As you move through the checkout process you are able to keep your name hidden by checking the “Make me anonymous” box.
Funds are transferred to the campaign creator as soon as each transaction have been processed. The campaign teams will be able to access these funds through a special account set up when they create the campaign.
All of your contribution goes to the crowdfunding campaign team indicated in the amount raised on the campaign page.
Campaign teams are charged the following credit card processing fees: 2.9% + $0.30 per transaction is assessed by the credit card company at the time of donation.
The crowdfunding platform also charges an administrative fee of 5%, which is an industry average. The fee is used to pay costs associated with hosting, administering and promoting the platform and for providing direct assistance to campaign creators.
Each individual campaign page and the rewards offered on its page offer quick links to Facebook, Twitter, Pinterest, and LinkedIn. Campaigns can also be shared by coping the url and pasting it into other social platforms.
Your contribution will go only to the campaign(s) you have designated. Each campaign owner has a separate payment account where those fund directly go to.
By contributing to a campaign, you are added to the email list for campaign updates. When a campaign creator posts an update, you will be notified by email.
You can also check back on the campaign page to watch their fundraising progress.
Each campaign team has identified a set of baseline tasks and goals in addition to a set of “stretch goals.” Should a campaign be fortunate enough to exceed its funding goal, the additional funds will be utilized to help the team reach the campaign stretch goals.
No. We believe that campaigns should keep the funds they raised, even if the total funding goal may not have been reached. We expect each campaign team to make some progress in achieving their goals even if they are not fully funded. Campaigns are required to report to their supporters on the exact use of funds received.
Yes, you will be able to indicated when completing the checkout process that you would like to remain anonymous. Simply check the box next to “Make me anonymous.”
