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Related Questions
Can Open Collective collect taxes on behalf of collectives? Open Collective cannot collect taxes on behalf of collectives. It is the responsibility of the collective's treasurer to handle tax reporting and compliance.
What is Open Collective and how does it work? Open Collective is a platform that helps community projects and initiatives raise and manage funds in a transparent manner. It works by allowing teams or groups to create a collective with their own goals and objectives. Members of the collective can then raise funds through donations, sponsorships, or grants, which are displayed on the collective's page. The funds are managed by the collective's treasurer and transparently tracked to ensure that they are being used for their intended purpose.
What are the benefits of using Open Collective for fundraising? One of the main benefits of using Open Collective for fundraising is transparency. All transactions and expenses are publicly visible, ensuring that donors and supporters can see how their contributions are being used. It also provides a simple and easy-to-use platform for collecting donations. Additionally, Open Collective offers tools to help collect recurring donations, track expenses, and manage finances.
Is Open Collective only for software projects? No, Open Collective is not just for software projects. It is a platform for any community project or initiative that needs to raise funds in a transparent and open manner. This includes non-profits, activist groups, arts organizations, and more.
How does Open Collective ensure transparency? Open Collective ensures transparency by publicly displaying all transactions and expenses on each collective's page. It also provides tools to help collect receipts, track expenses, and manage finances. Additionally, each collective is required to have a treasurer who is responsible for managing the funds and ensuring that they are used for their intended purpose.
Which payment methods are supported by Open Collective? Open Collective supports a number of payment methods including credit and debit cards, PayPal, ACH transfers, and wire transfers.
What are the fees for using Open Collective? Open Collective charges a platform fee of 5% on all funds raised through the platform. In addition, there may be transaction fees charged by the payment processor used to process donations.
How does Open Collective ensure the security of user data? Open Collective takes the security of user data very seriously and uses a variety of measures to ensure it is secure. This includes encryption of sensitive information, two-factor authentication, and regular security audits to identify and address any vulnerabilities. Additionally, Open Collective does not store any credit or debit card information on its servers, instead relying on secure payment processors to handle transactions.
How does Open Collective handle currency exchange? Open Collective handles currency exchange by converting all funds to US Dollars (USD) before transferring them to the collective's bank account. If the collective's bank account is in a different currency, the bank will handle the conversion at their own exchange rates.
Can individual users create a collective on Open Collective? Yes, individual users can create a collective on Open Collective. However, it is recommended that collectives be established by a team or group of people with a shared goal or objective to ensure proper management of funds.
Popular Questions
What is Opencollective com? Open Collective is a legal and financial toolbox for grassroots groups. It's a fundraising + legal status + money management platform for your community.
How does open collective make money? Open Collective is supported by voluntary contributions called Platform Tips, optionally added at checkout, which enable us to keep building the software without charging Collectives directly.
How do I submit an expense on open collective? Go to the Collective and click "Submit Expense". You will need to upload a valid receipt or provide invoicing details and input your PayPal address or bank account.