World Cup Dreams Foundation on RallyMe
RallyMe and World Cup Dreams Foundation, a 501c3 nonprofit, have partnered to allow an athlete's Rally campaign to provide the benefit of a nonprofit tax receipt to their donors. This is often an incentive for donors to make larger contributions to the campaign.
To be considered for this program, now in its third year, an athlete must be at the elite level with the potential to make the National Team in the sport or already on the National Team.
How It Works
1. Athlete fills out a brief application. Application Link Below
2. Athlete reads the additional conditions/restrictions. See FAQs Below
3. Upon application acceptance and your understanding of the terms, WCDF will give you the Next Steps to easily creating your online fundraising campaign. Funds raised through your Rally campaign will be received and processed through WCDF, allowing for tax-deductible status for donors.
4. YOU MUST get approval from WCDF before going LIVE with a Rally campaign if you want the contributions to be tax deductible.
5. Your check comes from WCDF minus fees.
6. Fee approximation: 2.2% +.30 +5% RallyMe +5% WCDF= 12.5% total (these are the normal RallyMe platform and credit card fees plus processing costs performed by WCDF)
How Does The World Cup Dreams Foundation Work?
World Cup Dreams Foundation exists to support, protect and inspire athletes. Financial need is one of the main issues facing many young athletes. WCDF helps athletes raise money for their expenses, but in a specific way pursuant to IRS rules.
Using WCDF to raise money for a specific athlete’s expenses is beneficial for the donor, but needs to follow a certain process for WCDF to remain compliant with IRS regulations. You must fill out an OnlineApplication first. Athletes considered for the WCDF on RallyMe program must have a documented need (the application). WCDF can issue the funds you raise on RallyMe (processed through WCDF) directly to your governing body (ex. USSA, USA Bobsled and Skeleton), which protects you and WCDF in several ways (NCAA eligibility remains intact, etc). If your expenses are outside or not run through your governing body, we issue the funds directly. We do not issue funds more than once a month.
Why do we need to take a percentage of donations?
Our costs, including time to properly process a tax-deductible donation, accounting, tax preparation, etc. usually exceed the (5% for this program) we “retain” if we were to back-out our expenses. We offer this as a needed service for athletes and their donors.
Does every penny that is raised go to the athlete?
No. All funds that you raise go directly to WCDF. We do not “pass through” funds to individuals. This is strictly prohibited by the IRS. We carefully track donations that come in with the donor’s desire to help specific individuals, and then evaluate the needs and the qualifying criteria of those individuals. After a thorough review of all criteria, WCDF determines whether we can issue a grant to a specific athlete. If it is important that all funds go directly to a certain athlete, you should not work with WCDF. You can always fundraise directly without seeking non-profit status for the proceeds.
One specific example of when we couldn’t issue an athlete a grant: if the athlete raised more money than they had documented expenses.
Are donations tax deductible?
WCDF is a 501(c)(3) non-profit organization and donations to our general fund are tax deductible in compliance with all applicable IRS regulations. Every donor to the WCDF general fund will receive a letter with our federal tax ID number on it. They should keep the letter for documentation and consult their tax advisor about the deductibility of the donation. ***Donations from Parents/ Family of the athlete CANNOT be run through the foundation***
What is the timeline for receiving funds?
An application needs to be on file before an athlete is considered for this program and any money issued. If there is on-going need or long term fundraising, funds may be issued once a month. Funds can be issued directly to your governing body on behalf of the athlete. You must request funds by emailing firstname.lastname@example.org
Why consider this program?
Experts in the field recently named RallyMe as the “No. 1 crowdfunding site for athletes.” Crowdfunding athletic careers for elite athletes and teams has become the new normal and can quickly help you build an army of supporters who will be with you throughout your career. The added benefit of the WCDF/RallyMe program is that your donor's contribution is considered tax deductible, and that is key to attracting many donors willing to contribute larger amounts of $250, $500, $1,000 or more to your campaign.
We're Here To Help
If you have questions or need assistance with your Rally, let us know! Contact email@example.com