Meta Updates Its Fundraising Tools: What You Need to Know
Just in time for the giving season, Meta is making some changes to its nonprofit fundraising tools. You'll want to pay close attention if you've been using these platforms to raise money for your cause because they're coming faster than a cat chasing a laser pointer! 🐱💨
The Big Picture
Meta is teaming up with PayPal Giving Fund (PPGF) to handle all donations benefiting nonprofits in the US, UK, Canada, and Australia. This new partnership kicks off on October 31, 2023. So, what does this mean for you? Well, Meta Payments Inc. and Network for Good will no longer be the go-to for processing your donations. Instead, PPGF will take the reins.
The Clock is Ticking
You've got until 5 p.m. PT on October 31, 2023, to switch to PPGF. If you miss this Halloween deadline, you could find yourself in a fundraising horror story, losing access to some of Meta's fundraising tools. So, don't miss this important date! 👻
Show Me the Money!
Payout Timelines
If you're enrolled with PPGF, you can expect your funds to be distributed within 15-45 days. If you're not enrolled, you'll get a check within 90 days. So, if you're the kind of person who checks their mailbox every day for a surprise, you might want to enroll with PPGF to speed things up!
Processing Fees
Until now, Meta has been the good Samaritan, covering all those pesky third-party payment processing fees. But starting October 31, those fees will be your responsibility. However, Meta is adding an option for donors to cover these fees when they donate. So, it's not all doom and gloom!
The Nitty-Gritty Details
Transaction Reports & Receipts
PPGF will provide donation activity reports, while Meta will continue to offer limited transaction reports. As for tax documentation, that's shifting over to PPGF, too. Meta will only provide a confirmation of the donation, which donors can find in their settings.
What About Recurring Donations?
If you've been relying on recurring donations, brace yourselves. Starting September 15, 2023, new recurring donations and campaigns will no longer be supported. Existing ones will continue until October 31, 2023. Meta hopes to bring this feature back in the future, so let's keep our fingers crossed! 🤞
Action Steps
Review and Accept Terms: Make sure to go through Meta's updated Charitable Donation Terms and, if they make sense to you, accept them.
Review the Complete List of Changes: Meta’s sent an email and published a short blog post about the changes already, but this Help Article is more in-depth on all of these changes.
Claim Outstanding Funds: If you have any outstanding funds, you must reach out through the Payouts contact form for support to receive your payouts. Already approved financial admins can find their current payout method in the Payouts section under settings.
Final Thoughts
As the saying goes, change is the only constant. Nonprofits who use Meta's fundraising tools may experience some changes, but we are skilled at adapting to new situations. Every donation, no matter how small, is valuable when it comes to improving our communities.
