Are you planning to withdraw funds from your fundraiser to a bank account owned by a business or organization?
We want to make that simple for you, and have outlined the most important details you'll want to consider in the video and article below:
The person withdrawing to the organization's bank account must be a beneficial owner. A beneficial owner is someone with significant responsibility to control, manage, or direct the organization (e.g., a Chief Executive Officer, Vice President, Treasurer, or a controller) and they will have access to the organization’s bank account. The individual withdrawing the funds will not be liable for taxes.
Important: These directions will not apply to you if you created a certified charity fundraiser. Learn more about the two fundraiser types here.
This article covers the following topics:
- Beneficial owner withdrawal set up
- Sending a beneficiary invitation to a beneficial owner
- Organization Verification
Beneficial owner withdrawal set up
- Select “Withdraw” from your fundraiser Dashboard
- Select “Myself”
- Choose the type of organization you are raising funds for
- If you do not see that option, simply fill out your name and personal information when verifying your identity and your organization’s banking information when prompted to add banking information
- Fill out the organization information, your personal identity information, and your organization’s banking information
Sending a beneficiary invitation to a beneficial owner
If you’re not the beneficial owner, but you are in touch with the person who manages the money at the organization, select "Withdraw" and choose "Someone else" to send them a beneficiary invitation.
If you’re not affiliated with the organization, you will need to withdraw to your personal bank account by clicking “Myself and Personal” and send the funds to the organization outside of GoFundMe. Just be sure to make it clear in your story that you will be the one handling funds.
Occasionally our payment processor will need extra information to verify your organization after you’ve set up your banking information. When this happens, they will pause your withdrawals while they wait for you to send them the documents they requested via email.
Documents that may be required include, but are not limited to:
- A government-issued ID for the beneficial owner and/or anyone with 25% stake or greater in the organization
- A copy of the organization’s governmental registration; such as articles of incorporation, articles of association, certificate of incorporation, or applicable
- The organization’s tax ID number
- IRS 501(c) (3) determination letter (only applicable to US non-profit organizations)
- A bank statement for the organization
If you are sending funds to a business or organization's bank account, and have been asked to upload bank account documentation, our team will need to work with you directly to verify withdrawals. Please submit the requested information via this form as soon as possible to get started here.