Understanding the Bank Account & Verification Process

Feature Overview: Bank Account & Verification Process

To accept donations through GiveGab, your organization must complete a verification process that ensures compliance with legal and financial regulations. This process involves verifying your organization's legitimacy, confirming the identity of a representative, and providing bank account details for fund transfers. Below is an overview of the steps required, followed by detailed explanations in the subsequent sections.

Overview of the Verification Process

Organization Information: provide your organization's legal name and Employer Identification Number (EIN)
Organization Representative Information: submit details of a representative authorized to act on behalf of your organization
Bank Account Information: enter the bank account and routing numbers for donation deposits
Compliance Attestation: confirm adherence to applicable state fundraising requirements
Verification and Approval: allow up to 2-3 business days for GiveGab to verify the submitted information

Each of these steps is crucial to ensure a secure and compliant fundraising experience on GiveGab. The following sections provide detailed guidance on each component. Click to expand each section below for more detailed information.

Organization Information

To begin the verification process, you must provide the following:

Legal Organization Name: official name of your nonprofit as registered with the IRS
Employer Identification Number (EIN): a unique nine-digit number assigned by the IRS to identify your organization

This information allows GiveGab to verify your organization's tax-exempt status and eligibility to receive tax-deductible donations.

Organization Representative Information

An authorized representative from your organization must provide the following details:

Full Name (as it appears on their Social Security card)
Social Security Number (SSN)
Date of Birth
Mailing Address: physical address; PO Boxes are not accepted due to Know Your Customer (KYC) regulations
Phone Number
Email Address

This information is necessary to comply with federal regulations, including the KYC Act and the Customer Due Diligence Rule, ensuring that a real person is accountable for the organization's activities on the platform.

Bank Account Information

Provide your organization's banking details (account and routing numbers) to facilitate donation transfers. The bank account should belong to the organization or a fiscal sponsor/parent organization if applicable. Ensure the account supports direct deposit and is ACH compliant.

Compliance Attestation

Your organization must attest to compliance with state fundraising requirements in the states where you solicit donors. This involves reading and agreeing to a statement on your Bank Account & Verification page, confirming adherence to applicable state laws.

Verification and Approval

State Compliance Attestation: Organizations must attest to compliance with applicable state fundraising requirements in the states where they solicit donors.
IRS Verification: GiveGab verifies the provided EIN against the IRS Pub 78 database to confirm eligibility to receive tax-deductible donations.
Stripe Verification: GiveGab's payment processor, Stripe, verifies the accuracy of the EIN and organization representative information to prevent fraudulent activity and ensure compliance with anti-money laundering regulations.

The verification process typically takes 2-3 business days. If any issues arise, GiveGab's Customer Success Team will reach out for clarification or additional documentation.

Additional Documentation

Certain organizations may need to provide extra documentation:

Religious Entities: a charter letter or directory listing from the governing body
Chapters of National Organizations: the parent organization's 501(c)(3) letter and a letter confirming your chapter status
Schools or Government Agencies: an official document outlining incorporation and donation collection authority
Fiscally Sponsored Organizations: the fiscal sponsor's 501(c)(3) letter and a sponsorship agreement
Small Nonprofits (Revenue under $5,000): a letter from an affiliated third party confirming your purpose and a statement on your organization's letterhead about your revenue status

By completing these steps and providing the necessary information, your organization can become verified to accept donations through GiveGab, ensuring compliance with legal requirements and fostering trust with your donors.