Are All Campaigns Approved?
SCHOLARgifts reviews each campaign request to make sure they fit within our submission guidelines. If they do not, they will not be approved. We do not edit or modify any Scholar Campaigns. We want as many people as possible to have the opportunity to raise funds for their educational pursuits.
What Are Campaign Updates?
Scholars communicate with Gifters via Campaign Updates to keep them informed on the progress of the campaign. Campaign updates are automatically emailed from the website. Scholars have the option of sending updates to all Gifters or to a specific grouping of Gifter.
Can a Scholar Edit a Campaign After it Has Been Posted?
Yes, you can edit your campaign after it starts, except for the Title, Funding Goal, Time Frame, Start Date, and any customized appreciation rewards already chosen by your gifters. You can change your photo, video, and modify rewards that have not already been chosen.
Is There a Cost to the Donor to Gift Funds to a Scholar?
There is no cost to send financial gifts to a Scholar, other than the payment processor’s credit card/bank processing fee, which is 2.9% plus 30 cents if paying by credit card, or 1% plus 30 cents if paying through bank account.
The Scholar will receive all donations raised, minus the SCHOLARgifts administrative fee, which is 5% if the campaign goal is reached, or 8% if the goal is not reached.
What Payment Methods Do You Accept to Support a Campaign?
We now use the WePay payment gateway to process all payments. WePay allows the use of all major credit cards, as well as the option to pay via your bank account. WePay’s pricing structure to the donor is as follows:
2.9% plus 30 cents if paying by credit card, or 1% plus 30 cents if paying through bank account. There is a more detailed verification process for those paying through bank account)
Are My Financial Gifts Tax Deductible?
Generally speaking, financial gifts for campaigns on SCHOLARgifts are not tax-deductible. If the Campaign is posted by an organization that has a 501C3 status, there is a possibility that donations to that Campaign may be tax-deductible. The possible tax deductibility of any gift/donation will be between the Campaign Owner and the Donor, and your tax consultant. SCHOLARgifts makes no representation regarding the tax deductibility of any gift/donation on its platform.
What is SCHOLARgifts Funding Formula?
SCHOLARgifts utilizes a flexible funding formula. If you reach your funding goal, you will receive all of the funds you have raised, minus a 5% administrative fee which will be retained by SCHOLARgifts. If you do not reach your goal, the fee is 8%, but you get to keep the rest of the funds you raised from your gifters/donors. The SCHOLARgifts administrative fee covers costs associated with developing, maintaining and hosting the SCHOLARgifts website. There is a separate processing charge to the donor of 2.9% plus 30 cents that is automatically deducted by WePay if your donor uses a credit card, or 1% plus 30 cents if they use a bank payment. SCHOLARgifts does not control the WePay processing fee.
FOR CAMPAIGN AUTHOR:
REACH or EXCEED YOUR GOAL 5% processing fee
DO NOT REACH YOUR GOAL 8% processing fee
IF PAY BY CREDIT CARD 2.9% plus 30 cents fee
IF USE BANK PAYMENT 1% plus 30 cents fee (using bank payment requires a more
detailed verification process).
When Does the Campaign Author Begin Collecting the Payments?
Payment donations are automatically transferred to the Campaign Author’s bank account at the conclusion of the campaign, minus the SCHOLARgifts administrative fee. If a donor’s payment fails to process, it will not be transferred.
Can Multiple People Develop One Campaign?
Yes, if it makes sense in the context of your Scholar Proposal. For example, if the funding campaign is for a class trip, it makes sense for that campaign to involve multiple students. Multiple people participating in a campaign as a group can multiply the amount of financial gifts that may be received.
Can I Run More Than One Campaign at the Same Time?
Yes, but we do not recommend running more than one campaign at the same time. It may become confusing to your donors and more difficult to manage. Moreover, you cannot create more than five campaigns in a 365 day period.