ioby Support Center

I’ve finished fundraising, and I have my own 501(c)(3) status. How do I close out my campaign and access the funds raised?

Updated

1. Notify your Strategist

Once you've reached your crowdfunding goal or are ready to stop crowdfunding and receive payment, please email your Strategist to close out your campaign. You can contact them at the email they've provided, success@ioby.org, or by calling (917) 464-4515.

2. Gather documents and payee contact information

Confirm the name and contact information for the person at your organization who will be responsible for receiving the funds or administering your program, and send that information to your Strategist. If this is you, just inform your Strategist.

Email us a copy of your organization's federally issued tax exemption letter from the IRS. This must be a letter issued by the federal IRS, and cannot be a state exemption letter. For a few notable exceptions you may provide different documentation, please see this support center article. If your nonprofit has fundraised with ioby before and we already have your IRS determination letter on file, you do not need to send it again.
 

3. Confirm your budget

Because of ioby’s flexible finish policy, some teams may raise more, or less, than they originally expected. We’ll ask you to confirm and update your project budget based on the total amount of funds that you actually raise (after subtracting fees). For instance, if you raise more than what you originally expected, be ready to tell us how you plan to spend the additional money on your project. 

 At this point, your campaign will no longer accept donations but will remain live at ioby.org for you to post updates and share progress with your donors. 

You’ll also be asked to confirm the date you expect your project will be complete. This is the date that all the funds you raised on ioby toward your project are spent. It’s okay if that date is far in the future, or if it’s just your best guess. You can always change your project’s completion date at any point. Just email your strategist to let them know.

4. Sign an electronic agreement

Once we've received your IRS-issued tax exemption letter, payee contact information, and confirmed your budget, ioby will send you or the appropriate contact your project contract. This contract will be delivered and signed electronically by ioby and by you or your payee contact who will provide the payee information and address.

5. Celebrate with a big thank you

You've probably thanked your donors along the way as they've made their gifts to your ioby campaign, but reaching your goal is a big milestone. Although not required to receive your funds, we recommend celebrating and thanking your donors at this stage, and set yourself up for future success as well. There are several ways to do this, and your Strategist can help you leverage your campaign page’s “Updates” feature to celebrate your success.

6. Receive your funds and implement your project

We’ll review your contract and send your funds by check or by secure e-payment, whichever is specified on the electronic agreement. You can expect to receive it within 5-10 business days.

That’s all it takes to receive your funds, but weeks or months down the line we’ll be back in touch to ask you to complete your Project Report. Learn more about submitting a Project Report here.

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