Go Fund Me ? (1 Viewer)

[gk5717]

I'm speaking in general terms now but something raised this question in me. I also collect 1-18th figures and a company is starting a Go Fund Me account to get a start on a new line of 1-18th figures. They have over $100000 in the account. They project the first line of figures will not hit the market until June of 2019. A lot can happen in that length of time. What happens to the money each individual puts up if this company would go belly up or if the company just kept the money and produced nothing?
Gary

 

[mikemiller1955]

I'm speaking in general terms now but something raised this question in me. I also collect 1-18th figures and a company is starting a Go Fund Me account to get a start on a new line of 1-18th figures. They have over $100000 in the account. They project the first line of figures will not hit the market until June of 2019. A lot can happen in that length of time. What happens to the money each individual puts up if this company would go belly up or if the company just kept the money and produced nothing?
Gary

they gave up their money the moment they donated it...
they have no recourse unless he doesn't make an attempt to open the business that he asked money for...
even then...I doubt they can reclaim anything...

 

[ivanmoe]

I'm speaking in general terms now but something raised this question in me. I also collect 1-18th figures and a company is starting a Go Fund Me account to get a start on a new line of 1-18th figures. They have over $100000 in the account. They project the first line of figures will not hit the market until June of 2019. A lot can happen in that length of time. What happens to the money each individual puts up if this company would go belly up or if the company just kept the money and produced nothing?
Gary

Gary, the funding for the “project” sounds like something that one would typically associate with Kickstarter. I think that GFM is more in the vein of a charitable donation.

-Moe

 

[mikemiller1955]

Gary, the funding for the “project” sounds like something that one would typically associate with Kickstarter. I think that GFM is more in the vein of a charitable donation.

-Moe

yes...I think it's usually for hardship financial cases...

 

[jazzeum]

This is from the Go Fund Me website:

We see people use GoFundMe to raise money for themselves, friends and family, or even complete strangers in random acts of kindness. People raise money for just about everything, including medical expenses, education costs, volunteer programs, youth sports, funerals & memorials - and even animals & pets.​

If you have questions, follow this link, https://www.gofundme.com/questions

 

[mikemiller1955]

this is also on their website...

How is my donation protected?

The GoFundMe Guarantee protects your donation. It takes a leap of faith to help someone else. That’s why we make sure to honor your generosity by backing it up with the first and only guarantee for online fundraising. In the rare case that something isn’t right, we will refund your donation.

 

[gk5717]

With this company if you give to the Kickstarter you get a better deal price wise when it is produced. My thinking is I'll pay a higher price WHEN it's made. I've been around toy soldiers long enough to know how these things just don't ever get produced no matter how sincere the initial undertaking is.
Gary

 

[mikemiller1955]

With this company if you give to the Kickstarter you get a better deal price wise when it is produced. My thinking is I'll pay a higher price WHEN it's made. I've been around toy soldiers long enough to know how these things just don't ever get produced no matter how sincere the initial undertaking is.
Gary

I could say something funny here...
as to who it could possibly be...
but it would be in such bad taste...
I will send you a PM...

 

[theBaron]

The problem here is that you're using the terminology from GoFundMe, which, as Brad pointed out, is more of a general donation site. But in this case, it's not a donation, it's an investment. The people paying into this particular account are investing in the person's proposed venture. This is crowdfunding, which is more usually associated with KickStarter.

It's not a donation, it's an investment. And as with any speculative venture, you're taking a risk that you will lose your investment, if the enterprise fails.

Prost!
Brad