Need guidence for a child charity organization
Posted in the Charity Forum
#1 Dec 13, 2012
I am going to start a charity organization and a charity website in India. The idea behind this organization is to provide complete (16 years, 10 + 2 + 4) of education to those children for whom it is almost impossible to be educated. E.g. street beggar children in poor countries.
I dont have much knowledge in the field of international banking etc. So, I have some questions.
In this program we dont take many donations. My plan is as under.
Donators will invest money in a bank & from its monthly interest the childs expenses of education, lodging & boarding will be paid.
E.g. 500 donators are ready to pay $500 for 5 years. So total will be $250000. At the end of 5 years their money will be returned to them. But they will not earn any interest. The interest will be used for the beggar child.
Moreover, I want to create trust in all 500 donators that all their money will be used directly in charity only. I mean the 500 donators will not pay me, but their money will reach directly to the child (or the childs residential school).
My questions/options are:
1) Can 500 persons from different countries open a joint account in the bank of beggar childs country?(I guess this is not possible)
2) What type of bank account can be opened in this situation?
3) Can I do a contract like all 500 donators give their money to me as (interest less) debt for 5 years & I am legally bound to pay them after 5 years. I will collect the money, open an account on my name & give its interest for childs education.
I think Option (3) might be a solution.
Please give your views & more options (if any).
Thanks in advance.
Add your comments below
|Donations to Charity||5 hr||Evansfundraiser||1|
|Clinton's foundational problem||Aug 25||okimar||2|
|Rubin: Country club goes from - Yay, us' to - Y...||Aug 24||Benny||2|
|Couple Raising $20,000 To Pay For Premature Son...||Aug 18||Asim Mohammed||1|
|Desperate family in need||Aug 11||Dana||1|
|Add Color to Black & White Art in Lightroom Pho...||Aug 3||Andymolly||1|
|donations welcomed||Aug 1||Anonymous||1|
Find what you want!
Search Charity Forum Now
Copyright © 2016 Topix LLC