Remittances of contributions to Worthy Causes are done once a month (towards the end of each month). All giving contributions are first accumulated in B1G1 Giving’s bank account. When the total contributions towards a Worthy Cause reaches a minimum of US$500, the Worthy Cause gets added to the month’s remittance list. This is to ensure that each remittance to the Worthy Cause is substantial and to avoid incurring disproportionately high bank charges if small amounts were remitted.
When you receive the remittance, the amount will be automatically converted into your own currency by your local bank (conversion rates vary depending on the bank you are using).
Every remittance will be accompanied by a remittance advice that details the distribution of the contributions to the respective projects you have listed. Acknowledging the advice gives your confirmation that the funds will be distributed according to the breakdown summarised on the advice.
Example 1:
As a Worthy Cause organisation, you have an important obligation to spend the funds you received on the specific project you received them for within 3 to 6 months. An exception to this time frame is possible under special circumstances. Please get in touch with us if you require such an exception.
As mentioned above, every remittance comes with a remittance advice. After you have received the funds, please sign and return the remittance advice to us as soon as possible for our records. We will only schedule the following remittance to you after receipt of the previous signed advice.
Example 2:
Your principal obligation is to apply the donated funds to the intended projects within three to six months of your receipt of the fund. You also have utilise the funds only for the projects that they were intended for as these are restricted funds.
At B1G1, we also have a responsibility to ensure that the funds our members commit are utilised for the projects they have chosen. In the remittance advice that you will receive, there is a breakdown of the funds that each project has received.
All our Worthy Causes are required to acknowledge that they have received the funds and will be allocating it based on the breakdown on the summary and we do not send the next remittance until the previous one has been acknowledged. This is so we can ensure accountability for all the funds that our members give to these projects.