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Copper Catcher
Administrator
USA
1342 Posts |
 Posted - 08/20/2009 : 13:25:34
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This is a fundraising opportunity that was presented to several nonprofits with a chance for each to make up to $1,000 and amazingly both turned the donor down!
Let me start at the beginning. The donor is a coin collector and for fun collects pennies. Most people may not be aware but because of an increase in commodity prices, specifically copper, a penny is worth more than a penny. First let me clarify this pennies made between 1909 and 1982 are 95% copper. Using a handy online tool found at http://www.coinflation.com you can track what the current base metal coin melt value is on a daily basis.
Before you run out and start melting pennies you need to know that the US Mint sent out a memo declaring that it is now illegal to melt pennies and those that do could face a fine of $20,000. However, this donor/collector still has fun saving his pennies and feels that eventually the penny will be discontinued for circulation.
So getting back to the story! What does this have to do with nonprofits? It is simple really, a donor told several nonprofits that if they had a penny drive that he would not only buy the pennies from them i.e. count them and pay for them but also give a matching donation up to $1,000. Meaning if the organization raised $1,000 in pennies he would write a check for $2,000 and take all the pennies off their hands. Also, he informed them that if after their penny drive they did not reach the goal they could go to the bank and get the extra pennies so they could take advantage of his offer.
Ok so you understand, the potential donor, can and does go to the bank weekly and order as many pennies as he wants without costing him a dime. Yet he viewed this was one way to help several favorite charities while support his hobby with hopes of finding some older pennies. Also he figured that this fundraiser would generate some publicity in the community for the nonprofits letting people know in effect they have a matching contribution opportunity up to $1,000!
Surprisingly, however, the two nonprofits contacted both ended up declining the offer basically telling the potential donor that it was a bad time and felt it might be too much work on their part!
Was this the right thing to do or did the nonprofits make a mistake telling the donor no thanks? Honestly, the correct answer really depends on the nonprofit itself and what they see as the value of their time and energy. Likewise what is their relationship with the potential donor. Does the nonprofit have the ability to make $1,000 easier or with less effort? Still you have to wonder, how hungry were those nonprofits?
Source: http://www.nonprofitexpert.com/faq/q43.htm
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DISCLAIMER: The opinions expressed in this message are those of the author and are considered for entertainment purposes only. It is not the intent of this author to provide legal, investment or medical advice and nothing posted here should be considered to be so. You are advised to seek independent counsel to act upon any laws discussed in this communication. |
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Ant
Moderator
USA
844 Posts |
Posted - 08/20/2009 : 15:31:30
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They probably didn't understand how it would work -- not for lack of a clear explanation, just because they didn't think about it hard enough.
$1000 is not chump change, especially when you can get it by turning in pennies. |
No, man. You gotta keep goin'. What am I gonna do? Quit? That's not an option. Life's a garden. Dig it? You make it work for you. You never give up, man. That's my philosophy. --Joe Dirt
Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Wag more, bark less. |
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Bluegill
1000+ Penny Miser Member
USA
1479 Posts |
Posted - 08/20/2009 : 17:27:24
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If I read that article correctly, not only would the charity get the $1K, but also whatever they collected in the penny drive. If they collected $1K in pennies, they would get a check for $2K. This same person was also going count, convert to FRN and haul away the pennies for the charity.
Talk about minimum effort for maximum results. But, it looks like the charities, just like every other American these days, wants the check on a silver platter in exchange for ZERO effort.
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Edited by - Bluegill on 08/20/2009 17:28:27 |
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psi
Penny Collector Member
Canada
303 Posts |
Posted - 08/20/2009 : 18:15:15
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| That's an interesting idea, good way to rustle up some old coins and do something good in the process. A lot of charities do penny drives without that extra incentive, I'm sure there will be someone who takes him up on this once the word gets out. |
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twocents
Penny Pincher Member
162 Posts |
Posted - 08/20/2009 : 23:04:34
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| Nah, that's not a good idea. The donor would just get someone else's zinc dumps. I would love to be able to donate my zincs and write them off for taxes. |
Just my two cents! |
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dakota1955
Penny Hoarding Member
800 Posts |
Posted - 08/21/2009 : 20:40:10
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| I did this at my church earlier this year and I matched 75,000 pennies and I did find a lot of good ones to keep |
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highroller4321
1000+ Penny Miser Member
USA
1971 Posts |
Posted - 08/23/2009 : 01:04:04
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quote:
Originally posted by Copper Catcher
This is a fundraising opportunity that was presented to several nonprofits with a chance for each to make up to $1,000 and amazingly both turned the donor down!
Let me start at the beginning. The donor is a coin collector and for fun collects pennies. Most people may not be aware but because of an increase in commodity prices, specifically copper, a penny is worth more than a penny. First let me clarify this pennies made between 1909 and 1982 are 95% copper. Using a handy online tool found at http://www.coinflation.com you can track what the current base metal coin melt value is on a daily basis.
Before you run out and start melting pennies you need to know that the US Mint sent out a memo declaring that it is now illegal to melt pennies and those that do could face a fine of $20,000. However, this donor/collector still has fun saving his pennies and feels that eventually the penny will be discontinued for circulation.
So getting back to the story! What does this have to do with nonprofits? It is simple really, a donor told several nonprofits that if they had a penny drive that he would not only buy the pennies from them i.e. count them and pay for them but also give a matching donation up to $1,000. Meaning if the organization raised $1,000 in pennies he would write a check for $2,000 and take all the pennies off their hands. Also, he informed them that if after their penny drive they did not reach the goal they could go to the bank and get the extra pennies so they could take advantage of his offer.
Ok so you understand, the potential donor, can and does go to the bank weekly and order as many pennies as he wants without costing him a dime. Yet he viewed this was one way to help several favorite charities while support his hobby with hopes of finding some older pennies. Also he figured that this fundraiser would generate some publicity in the community for the nonprofits letting people know in effect they have a matching contribution opportunity up to $1,000!
Surprisingly, however, the two nonprofits contacted both ended up declining the offer basically telling the potential donor that it was a bad time and felt it might be too much work on their part!
Was this the right thing to do or did the nonprofits make a mistake telling the donor no thanks? Honestly, the correct answer really depends on the nonprofit itself and what they see as the value of their time and energy. Likewise what is their relationship with the potential donor. Does the nonprofit have the ability to make $1,000 easier or with less effort? Still you have to wonder, how hungry were those nonprofits?
Source: http://www.nonprofitexpert.com/faq/q43.htm
If that part was left out the nonprofits would have been all over that. The majority of people are simple minded and dont grasp the conecpt. They dont even pay attention to any of the part except where it talks about a 20k fine. |
Copper penny Investing
www.portlandmint.com |
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Copper Catcher
Administrator
USA
1342 Posts |
Posted - 08/23/2009 : 13:47:39
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highroller4321 you are probably right... that should be deleted. I'll forward that to the author.
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DISCLAIMER: The opinions expressed in this message are those of the author and are considered for entertainment purposes only. It is not the intent of this author to provide legal, investment or medical advice and nothing posted here should be considered to be so. You are advised to seek independent counsel to act upon any laws discussed in this communication. |
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PreservingThePast
Penny Hoarding Member
USA
697 Posts |
Posted - 08/23/2009 : 15:37:56
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My two cents worth on this subject is that the non-profit(s) was/were concerned that it/they might lose its/their money to the donor instead of getting a check for the money collected and for the matching funds up to $1,000, i.e., that the donor would abscond with the pennies collected and they would never see that money again much less the promised matching donation.
How well was this donor personally known to the charities he reached out to with this offer?
Just my opinion.
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jtm3
Penny Collector Member
USA
398 Posts |
Posted - 08/25/2009 : 16:59:13
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I think to the large-scale charity foundations this would be to much work for minimal gain.
Remember they do have to advertise the program. |
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Pennies From Heaven - True Fundraising Story
