Funding to projects can either be in the form of public or company donations, match funding from a funder, grants or gift aid on eligible donations. When the project receives payment of these will depend on the type of funding.
1) Public and company donations paid online to your project via The Good Exchange portal: all donations made in a calendar month are usually paid to the project (minus any fees) around the second Friday of the following month. e.g. donations made in September should be in the project bank or building society account by the middle of October.
2) Public and company donations paid by BACS will only be added to the project upon receipt of a fully completed manual donation form. These will be paid to the project as in 1) above
3) Match funding of donations or grants by a funder/funders: payment of match funding is dependent of the terms and conditions of the match funding offer set by the funder and agreed by the applicant and will vary from funder to funder. Terms and conditions attached to individual funding offers can be viewed in your Applicant Dashboard>Click on your project title>Funding Offers Tab. If you have questions regarding this please contact the funder directly. The majority of the time however, match funding will be paid out to you monthly alongside the main donations.
4) Grant funding: payment of grants by a funder is dependent on the terms and conditions set by a funder and agreed by applicants. Grants can be paid in a lump sum or can also be dependent on certain conditions being met by an applicant. Terms and conditions attached to individual funding offers can be viewed in your Applicant Dashboard>Click on your project title>Funding Offers Tab. If you have questions regarding this please contact the funder directly.
5) Gift Aid: if the applicant organisation has nominated The Good Exchange to collect Gift Aid on their behalf and the donor has opted to add gift aid this will be claimed from HMRC. Claims can take up to 6 weeks and gift aid will be passed on to the applicant minus any fees once these funds have been received from HMRC.
Exceptionally donations are put on hold if there is a query regarding the charitable nature of a donation or the gift aid eligibility of a donation. These queries will be resolved as soon as possible.