The following is the process through which each organizaion must undergo in order to ensure that your donation goes where you intend it to:
- We Require A Valid EIN: As a Nonprofit Giving Platform, we only allow organizations that are verified on Guidestar and are eligible to receive tax deductible donations by the IRS to collect donations on our platform.
- We Require Full Legal Organization Entity Information: We require each organization to fill in their full legal organization information including full address (P.O. Boxes are not allowed), legal name, and EIN as noted above.
- We Require a Real Company Representative: We require each organization to list a company representative including full name, birthdate, mailing address (this should match the address on the representative's ID or passport), email address, phone number, and the last four of their social security number.
- We Require a Valid Bank Account Tied to the Organization: Each organization must submit their bank routing and account information so that we direct deposit all monetary gifts directly to the organization.
- We Leverage an Underwriting Service to Verify Everything: We take all of this information and send it to a professional service that handles this verification for us. They have contractual arrangements with financial institutions to ensure compliance with Anti-Money Laundering Federal Regulations including US PATRIOT, Know Your Customer, BSA, FinCEN CDD, and OFAC. This is done to ensure proper charge and transfer data is shared securely and meets the regulatory requirements for anti-money laundering, sanction, and watch list screening laws and regulations, as well as identification and record-keeping standards.
GiveGab also re-verifies each organization annually to ensure that they are still in good standing with the IRS and all state and federal fundraising requirements.
Nonprofits can get started collecting donations as soon as they provide the information listed above; however, the money is held until the underwriting service fully verifies their organization. We hold the money in an independent bank account until the full verification process is complete. If the underwriting service does not verify the organization within 72 hours, the account is shutdown and the organization can longer collect donations. At this point, we conduct an investigation into the legitimacy of the organization and require the organization to complete the verification process detailed above. In the rare case that this does not happen, we refund all donations back to the donors.
Again, it’s very important to us that our platform maintains the highest integrity for our donors and nonprofit customers and that’s why we’ve established this process!