NonProfit Times – Donate Now Pay Later Fundraising Tool Launched
B Generous has launched Donate Now, Pay Later, a donor-focused fundraising loan tool that enables funders to designate philanthropic donations that are immediately given to a nonprofit, but paid for by the funder over time. For tax purposes, funders are given a receipt for the lump-sum donation.
Through the program, funders may make donations for as little as $75 up to $50,000. The funder or donor is not charged interest, costs or other fees while spreading out payments over three, six or nine months, according to information from B Generous. Donations are made via a widget that integrates with a nonprofit’s online presences.
Donate Now, Pay Later was launched in conjunction with St. Paul, Minn.-based Drake Bank, a 20-year-old community bank that as of Dec. 31, 2021 included $127.3 million in net loans and leases among its assets. It is not clear whether the money fronted to nonprofits under Donate Now, Play Later would be included in the bank’s net loans and leases. Read More