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 donít have much knowledge in the field of international banking etc. So, I have some questions.
In this program we donít take many donations. My plan is as under.
Donators will invest money in a bank & from its monthly interest the childís 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 childís residential school).
My questions/options are:
1) Can 500 persons from different countries open a joint account in the bank of beggar childís 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 childís education.
I think Option (3) might be a solution.
Please give your views & more options (if any).
Thanks in advance.
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