Brayden Bahme Gofundme (2024)

FAQs

What percentage of money is taken from GoFundMe? ›

There's no fee to start or manage your fundraiser. However, to help us operate safely and securely, one small transaction fee (2.9% + $0.30, which includes debit and credit charges) is deducted per donation. For more information about fees in your country, check out our pricing page.

How much does GoFundMe charge for a $100 donation? GoFundMe, a for-profit company, applies a 2.9% payment-processing fee for each donation and an additional 30 cents per donation. To illustrate, if a campaign raises $1,000 through ten donations of $100 each, GoFundMe would collect approximately $32.

Donations made to personal GoFundMe fundraisers are generally considered to be "personal gifts" which, for the most part, are not taxed as income in the United States. Additionally, these donations are not tax deductible for donors.

America's Food Fund becomes the largest GoFundMe of all time, raising over $44 million to help people struggling with food insecurity due to COVID-19.

GoFundMe doesn't take a platform fee: You can set up a fundraiser for free. Transaction fee: A flat fee of 2.9% + $0.30 is deducted from each donation to cover payment processing. Remaining amount: The organizer receives the donation amount minus this transaction fee.

So, what percentage does GoFundMe take for transaction fees? A transaction fee of 2.9% +$0.30 is automatically deducted from each donation, so you never have to worry about paying a bill.

There is one small transaction fee per donation that covers all your fundraising needs. Everything else goes directly to your cause, because that's what matters most.

Use of the tip: The tip amount, if the donor chooses to leave it, goes to the platform itself to cover operating costs, including server maintenance, payment processing, customer support, and other expenses associated with hosting fundraising campaigns.

You can then personalize your fundraiser and share the link to your donation site with others. The online campaign can be active for however long you like, even after you've already met your target. Even if you don't reach your goal, you can withdraw every cent, minus the transaction fees.

Sales Prohibited on the Platform: You are not permitted to offer any good or service in exchange for a Donation on the Platform.

How much money can a person receive as a gift without being taxed? ›

Annual gift tax exclusion

The gift tax limit is $17,000 in 2023 and $18,000 in 2024. Note that this annual exclusion is per gift recipient.

If your crowdfunding campaign raised more than a certain amount of money and if contributors received anything in return for their donation, the fundraising platform will probably send you a tax statement called a 1099-K form the following year that outlines exactly how much money you made.

GoFundMe is a for-profit company. It charges a 2.9% payment-processing fee on each donation, along with 30 cents for every donation. That means if a campaign raised $1,000 through 10 donations of $100 each, GoFundMe would collect about $32.

You're making a big difference for someone in need. Below, we've outlined some helpful details and tips to make the donation process as simple as possible. When donating to a GoFundMe fundraiser, the minimum donation amount is $5, and the maximum donation amount is $30,000.

Another downside of GoFundMe is that it is not a good platform for marketing your startup. GoFundMe campaigns are not searchable on Google and they are not promoted on the platform. This means that it can be hard to get people to donate to your campaign.

In place at GoFundMe since 2017, The Tip amount is meant to support the platform itself, covering operational costs and enabling the platform to continue to deliver its services. The platform adds 15% at checkout. Yes, you read that correctly, 15%. It's the default amount they ask of donors to cover site fees.

Other important factors to consider when researching alternatives to GoFundMe include ease of use and reliability. The best overall GoFundMe alternative is Givebutter. Other similar apps like GoFundMe are Donorbox, Classy, Fundly, and Snap! Raise.