Funding a 40 year class reunion--best way?

[Librarian]

OK...our class president, etc. all live out of state; I still live in the city we where we went to HS.
We have a FB group to inform classmates & chat.
A classmate reached out to me to set up a Go Fund Me to collect funds for our 40th next year.

I have done some digging online & I'm not 100% sure I should do this.
I don't want to put my husband & I at any tax risk for doing this.
We would not personally profit from it in any way, but it requires me to give my SS # to set it up.
My research says it "probably" would not trigger paying taxes.

Thoughts?
Other ideas on how to collect money easily from people all over the country?
Thanks!

 

[pacergal]

Are they expecting you to also arrange and organize the entire reunion?
Personally, I would not do that.
There may be a local bridal/party type organizer or company who will do the whole thing for a set fee.
That would be the route I would take.

 

[Librarian]

Nope

Are they expecting you to also arrange and organize the entire reunion?
Personally, I would not do that.
There may be a local bridal/party type organizer or company who will do the whole thing for a set fee.
That would be the route I would take.

They already have a venue selected; we have had it there before.
We are just trying to secure $ from classmates who are coming to pay for the venue.

 

[Jerry1]

OK...our class president, etc. all live out of state; I still live in the city we where we went to HS.
We have a FB group to inform classmates & chat.
A classmate reached out to me to set up a Go Fund Me to collect funds for our 40th next year.

So you got picked because you live in the city where you went to school (presumably the city where the event will be held)? That makes no sense. Anyone can collect the money and transfer it as needed for the vendors.

Also, doesn’t go fund me take a fee? I wouldn’t want to give up that money just for handling the funds.

I know it’s old school, but you can have them send a check to secure their reservation.

 

[Librarian]

Yep

So you got picked because you live in the city where you went to school (presumably the city where the event will be held)? That makes no sense. Anyone can collect the money and transfer it as needed for the vendors.

Also, doesn’t go fund me take a fee? I wouldn’t want to give up that money just for handling the funds.

I know it’s old school, but you can have them send a check to secure their reservation.

Go Fund Me does not take a fee.

MANY people no longer use checks!

Honestly it has occurred to me that the gal who has asked me knows there is a potential risk & would rather pawn it off on someone else. I could be reading into things...but it wouldn't surprise me.

 

[Jerry1]

From the go fund me website:

No fee to create a fundraiser

There’s no fee to start or manage your fundraiser. However, to help us operate safely and securely, one small transaction fee (2.9% + $0.30, which includes debit and credit charges) per donation is deducted. For more information about fees in your country, check out our pricing page. This is deducted automatically from donations; the person receiving funds will receive all funds raised minus these transaction fees.

https://support.gofundme.com/hc/en-...ee to start,charges) per donation is deducted.

 

[Librarian]

Yep

From the go fund me website:




https://support.gofundme.com/hc/en-...ee to start,charges) per donation is deducted.

But that can be offset by how much each person is charged

 

[HarveyS]

Venmo would work.
I would not want 2.9% to go to GoFundMe.
I can't see any tax risk in collecting money to fund a party.

 

[jazz4cash]

I don't understand why Go Fund Me was selected for this (by someone else that wants YOU to do the work). How does that work? I think of Go Fund Me like passing the hat. People will contribute as much as they wish. Is there a minimum or suggested contribution? I think a committee from the school organizes out reunions. They host all classes in 5 yr intervals (e.g. class of 66,71,76, etc) and sell tickets in advane that are ~$75. The most recent class gets a discount I think since they are just out of college, in grad school, etc.

 

[TheWizard]

I'm in a fairly active HS class and we just do a headcount beforehand and have folks pay in cash when they show up.
Simple.

Occasionally we ask for donations to the class fund to pay for flowers for classmate funerals and I've written a check that...

 

[Librarian]

That was our original thought

Venmo would work.
I would not want 2.9% to go to GoFundMe.
I can't see any tax risk in collecting money to fund a party.

But not everyone has Venmo...
Everyone has a debit or credit card so Go Fund Me simpler...
It APPEARS there is no risk but I keep digging & no one can assure me there is NO risk.
I'm about to bow out!

 

[Librarian]

All good & well...

I'm in a fairly active HS class and we just do a headcount beforehand and have folks pay in cash when they show up.
Simple.

Occasionally we ask for donations to the class fund to pay for flowers for classmate funerals and I've written a check that...

But venue needs $ down.

 

[TheWizard]

But venue needs $ down.

You could use $$ from your permanent class fund to pay the down payment and then reimburse later.
Or aim for a cheaper venue...

 

[Librarian]

I do know

You could use $$ from your permanent class fund to pay the down payment and then reimburse later.
Or aim for a cheaper venue...

Fund was depleted at 30 year.
Venue is free but we have a food/drink minimum deposit.

I have just messaged her...I'm out.

 

[Sue J]

We had our 50th reunion a few months ago. The organizers asked for payment by PayPal, Venmo or a check in the mail. It worked well and over 200 people showed up.

We could asked for an email receipt if needed.

 

[Aerides]

Not everyone uses checks (but people over 50 like your group undoubtedly still can or do).
Not everyone uses Venmo (but literally anyone can in about 24 hours if they want to).

Sounds like a huge PITA and I would not want to be involved in any of that. The main organizer can deal with it. Your geography shouldn't obligate you over anyone else.

 

[pb4uski]

No real tax risk since you would not be profiting from it. Just keep good records. Go Fund Me might send you a 1099 but you would have the check to the venue to offset it. You might have to answer some questions from the IRS at worst.

 

[djsander]

I usually deal with this sort of thing by saying you have a great idea. Go for it. Why should I have to put another persons plan in motion unless I was hired and paid by them to do it.

 

[FI_RElater]

Librarian

tell the person that asked you to set it up
that you have an eye problem:

you can't see yourself doing that