Thursday, October 25, 2012
I'll confess my ignorance: up to a few minutes ago, I had never heard of "crowd funding." Then this story from Caribbean360 caught my attention. According to Caribbean360, the Grenada Goat Dairy recently announced that its campaign to fund its collaboration with the St. Patrick Anglican School had exceeded its goal of $55,000 (USD) through the campaign's use of the crowd funding website, www.Kickstarter.com. The Grenadian non-profit organization used the method to attract local and international support, with donors giving amounts ranging from $1 to $10,000.
I know nothing about crowd funding and how it works, but if it works for the Grenada Goat Dairy, it can work for other non-profits also. I wonder, however, whether donors' contributions are tax deductible, and whether the various websites hosting these crowd funding "events" are able to give individual donors receipts for their donations.