What Happens If a GoFundMe Goal Isn’t Reached?

GoFundMe is a widely recognized platform for individuals and causes to raise financial support through crowdfunding. Campaigns commonly establish a specific fundraising goal. This article clarifies GoFundMe’s operational policies when a campaign does not reach its stated goal.

Funds Disbursement Policy

GoFundMe’s policy is that all collected funds are disbursed to the campaign organizer or designated beneficiary, regardless of whether the fundraising goal is met. The stated goal functions as a target amount, rather than a prerequisite for the release of donations. This means that even if a campaign falls short of its objective, the organizer still receives the total amount contributed by donors, minus any applicable fees.

Organizers can initiate a withdrawal process to transfer funds to a linked bank account. This involves verifying the GoFundMe account and connecting a valid bank account, requiring personal identification and banking details through a secure portal. After a withdrawal request is processed, funds arrive in the organizer’s bank account within two to five business days.

Donors are charged immediately upon making a contribution to a campaign. A standard payment processing fee is applied to each donation, around 2.9% plus $0.30 per transaction. This fee is automatically deducted from each contribution, and the remaining amount is then available to the organizer.

Managing Your Campaign Goal

GoFundMe campaign organizers can modify their fundraising goal at any point during the fundraiser. This flexibility allows them to respond to evolving circumstances or re-evaluate their financial needs.

Adjustments to the goal may be prompted by various factors. An organizer might realize the initial goal was either overly ambitious or too modest. Other common reasons include changes in financial need or aiming to raise additional funds after reaching the original goal. To change the goal, organizers access their GoFundMe account, navigate to the fundraiser’s editing section, and adjust the goal amount.

Altering the fundraising goal does not impact donations that have already been received. The process for withdrawing funds also remains unchanged, regardless of any adjustments made to the campaign’s financial target.

Transparency and Donor Communication

Maintaining an open line of communication with donors is important for any crowdfunding campaign, especially when the initial fundraising goal is not met or circumstances evolve. Regular updates cultivate trust and manage donor expectations, ensuring supporters feel informed about the progress and outcome. This transparency can also encourage continued engagement and support.

Organizers can use GoFundMe’s built-in update feature, which sends notifications directly to subscribed donors. Sharing updates across social media platforms can also broaden the reach of these communications to a wider audience of supporters and potential donors.

Updates should include gratitude for contributions received, clarify how collected funds will be utilized even if the original goal was not reached, and outline next steps for the cause or individual. Providing details on how donations are making a difference, along with photos or videos, can create a stronger connection with donors. Proactive and consistent communication fosters goodwill.