Professional fundraiser bond cost
Surety Bonds offers annual bonds for professional fundraisers for different costs depending on each applicant’s individual credit history. Even though this bond is subject to underwriting, our surety experts will work hard to find you the best price for your unique credit situation. The required bond amount that needs to be posted is $10,000 for all applicants. Applicants can expect to pay only a fraction of the bond amount depending on their credit report.
Why this bond
Being bonded means protecting people from any unjust business practices or fraud conducted by those soliciting donations for various charities in the state of New York.
This specific annual bond assures that if consumers are wronged, they have a safeguard from unprofessional acts of business and can be compensated for any potential losses they may face. Unethical acts covered by this bond include, but are not limited to:
- Leading people to believe that money and funds are collected for charitable purposes when they indeed are not
- Acting as a professional fundraiser before obtaining a written contract with the charitable organization benefiting from his or her services
- Employing any device, scheme or artifice to defraud or obtain money by misrepresentation or misleading statements
Professional fundraiser bond details
This annual bond will run continuously unless otherwise canceled by the surety or the principal. If either party decides to terminate the bond before its date of expiration, a written notice prior to cancellation is required to be submitted and filed with the obligee (Office of Attorney General). This bond is required by the New York State Department of Law, Office of Attorney General.
Become a professional fundraiser
Any organization or person that solicits contributions or intends to hire a person or business to solicit contributions for charitable purposes in New York is required to obtain the appropriate registration.
Applicants must submit a written and signed application as well as the required $80 registration fee. Once the applicant has obtained the registration, it will remain valid for 1 year after issuance before it has to be renewed. All applications must be filed with the attorney general.
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- Annual Bond for Professional Fund Raisers – Sample Bond Form
- State of New York – Department of Law. Solicitation and Collection of Funds for Charitable Purposes Article 7-A Executive Law
- Summary of Registration and Filing Requirements for Professional Fundraisers
- New York State Department of Law – Official Homepage