Receiving Remittances from B1G1
IN THIS ARTICLE
Frequency of Remittances
Remittances of contributions to Worthy Causes are done once a month (towards the end of each month).
All giving contributions are first accumulated in B1G1 Giving’s bank account. Once the total contributions towards a Worthy Cause reaches a minimum of US$500, the Worthy Cause gets added to the month’s remittance list. The US$500 threshold is set to avoid incurring disproportionately high bank charges for smaller remittances and to ensure that each remittance is substantial and meaningful.
Should the accumulated total contribution amount for your organisation be less than US$500, B1G1 Giving will rollover the remittance to the next month, and send the remittance once the total contribution amount is at least US$500.
With every remittance we send to your organization, you will also receive a remittance advice.
The remittance advice will include:
- A summary of the distribution of funds to the respective projects you have listed
- A list of all the individual contributions made during that period
As a Worthy Cause organization, you are required to acknowledge each remittance advice promptly by sending a signed copy of the remittance advice back to us. By signing the advice, you are confirming that you have received the funds and that you will allocate the funds based on the summarized breakdown on the remittance advice.
It is important to promptly acknowledge these remittances, as the next remittance will only be scheduled after our receipt of your previous signed advice. This is so we can ensure accountability for all the funds that our members give to these projects.
Remittance Advice: An Example
Can we track the funds donated via B1G1?
Yes you can! Our system tracks every contribution automatically and continuously. Account Dashboard has all the information you need about this.
Can I use the remitted funds for any project?
No, you have to use the funds remitted by B1G1 for the specific project that it was contributed towards, as B1G1 funds are restricted funds.
At B1G1, we have a responsibility to ensure that the funds our members commit are utilised for the projects they have chosen. In the remittance advice that you will receive, there is a breakdown of the funds that each project has received. All our Worthy Causes are required to acknowledge that they have received the funds and will be allocating it based on the breakdown on the summary and we do not send the next remittance until the previous one has been acknowledged. This is so we can ensure accountability for all the funds that our members give to these projects. This is also stated in the Cooperation Agreement for the Worthy Cause Program.
Why is the remittance in USD?
B1G1 Giving, Inc, the giving arm of the B1G1 organization that manages all givings, is a 501 (c) (3) charity registered in the US. To ensure the consistency, accuracy and cost effectiveness of the contribution management, the entire giving system is done in USD.
Can I get the contact details of individual contributors?
We understand that some Worthy Cause organizations like to personally thank those who have given to their projects. While you will be able to see the general information of the individual contributors such as their business name, you will not be able to view their personal details such as names or contact information. If you would like to give project updates or thank them for their contributions, you may submit a project update through our designated form or through our team at firstname.lastname@example.org.
Why have I not been receiving remittances?
There are a few possible reasons, which are listed below:
- The funds contributed to your organization have not yet met the minimum threshold of US$500;
- The remittance is scheduled for the end of the month and has not been sent out yet;
- We may not have received the signed acknowledgement of your previous remittance;
- The email may have been sent to your spam/junk folder.