Need guidence for a child charity org...

Need guidence for a child charity organization

Posted in the Charity Forum

Nile

Mumbai, India

#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 don’t have much knowledge in the field of international banking etc. So, I have some questions.

In this program we don’t take many donations. My plan is as under.

Donators will invest money in a bank & from its monthly interest the child’s 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 child’s residential school).

My questions/options are:

1) Can 500 persons from different countries open a joint account in the bank of beggar child’s 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 child’s education.

I think Option (3) might be a solution.

Please give your views & more options (if any).

Thanks in advance.

Regards,
Nile

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Charity Discussions

Title Updated Last By Comments
Donations to Charity 5 hr Evansfundraiser 1
News Clinton's foundational problem Aug 25 okimar 2
News 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
More from around the web