How and when does a beneficiary receive funds? (Payout Schedule AU/NZ)

In Australia and New Zealand, GoFundraise pays out funds to beneficiaries on the platform fortnightly - referred to as a Charity Payment (CP). In United States and United Kingdom, all payments are deposited directly to the organisations linked Stripe account.

See below for payout schedule and what financial records are provided with each payout in Australia and New Zealand.

Payout Schedule

Funds are normally paid out 10 days after the end date of a payment period. Below is the expected payout schedule with funds usually paid out the week commencing the date listed:

** Payout schedule may vary from standard 14 days to fit around the end/beginning of a financial year

Financial Records for each Payout

Documentation related to each CP payout are uploaded to the Invoices and Payments admin area within 2-5 business days from the date of deposit. Files are available to download up to three years from the date uploaded. For each CP, there are three types of files that relate to the amount remitted into the charity's nominated bank account for that fortnight. These are:

• Invoice (any deduction of fees)
• Remittance Advice (NET amount that has been paid out to charity)
• Payout Summary (previously called Payment Summary) (a list of the transactions/donations which make up the amount remitted)

To access the files related to a Charity Payment, click here to see how.

To change the nominated bank account for your charity, click here.

See related downloads section for example files.

What do each of these files mean?

Remittance Advice

Outlines the Gross Total, Merchant Fees and Merchant Transaction Fees and any amounts "Withheld" such as where there is a rebate etc. Generally most of this will be remitted back to you once reconciled (download example).

Itemised breakdown of transactions paid out to the beneficiary for that fortnight (download example).

Invoice

Breaks down the GoFundraise Service Fee including GST, general donation Invoices have already been paid from funds collected, however Event Creator and Annual Hosting fee invoices will be sent to you separately and require payment (download example).

How to identify GoFundraise Payouts on a bank statement?

Deposits from GoFundraise per fortnight can be identified by the reference beginning with "GFR-------".

When funds are paid out as part of the fortnightly 'Charity Payment' cycle, we input each payment description/reference with a unique reference starting with "GFRAU------" (e.g. GFRAU71308) and we provide the payer's name i.e. "GoFundraise Pty Ltd". 

Not all banks show the payer's name in their statements. However, they do show the payment description/reference. This payment description/reference is unique per payout from GoFundraise and will match with the reference number on the Remittance Advice file provided.