When it comes to transferring funds from Funding Change to your organization during and after the raffle, there are a couple of things you need to consider:
When you run a raffle with Funding Change we ensure that you have your finances sent on a regular basis. Under normal circumstances, we will be reconciling and transferring funds weekly (Wednesdays) during your raffle and if you sign up for EFT transfers with us, you can expect to receive raffle funds into your account every Friday. (This is our aim... but as we all know banks can have different processes and timelines. Please keep that in mind.)
How to Receive Raffle Funds
Electronic Funds Transfer: Choosing to have your funds received through EFT is encouraged. It is fast, efficient and secure. It means having your funds on hand earlier, which pays dividends, especially if you are conducting a raffle where the prize is a specific portion of the pot.
We encourage every raffle organization to sign up for EFT transfers for speed, simplicity and security. Typically we will reach out to you just before your raffle is launched to ask for your banking information. For this we require either a copy of a blank cheque for your fundraising account or a letter from your bank. We will not receive an email or phone call to advise us of the banking information, we require these official documents to ensure accuracy.
Split the Pot Prizes
One important aspect of the funds transfer process to consider is if you are conducting a Split the Pot raffle, with the prize being a percentage of the total sales of the raffle.
Please consider that your preferred method of receiving funds may have an impact on when and how you may need to award the “percentage of sale” cash prize.
For instance, if you plan to end your ticket sales and perform your final draw (must be at least 15 minutes after ticket sales end) at an event AND award the winner their prize, please consider that you will not have received all of the funds from your raffle at that point and you will need to plan accordingly.
We always suggest that you leave room between your ticket sale end date and your final draw date as well as between your final draw date and the date that you commit to awarding the prize. If you don’t, please remember that it may be necessary to “top up” the cash prize as an organization in order to meet your percentage of sales responsibility to the winner as you will not have received all of your funds.
If you have any questions of concerns about this process or any other aspect of running an online raffle, please feel reach out to us online, visit our FAQ page or give us a call if it’s between 9am and 5pm (CST) Monday to Friday at 204.480.4090.