Some frequently asked questions about an LGBTQ Federal Credit Union.
How do I deposit?
Thanks for your strong interest in fair and equal financial services, but the Coalition is not a financial services firm offering deposit-taking or lending facilities. The LGBTQ FCU we are proposing is only presently being organized, and will only be ready to accept deposits or applications for credit after it commences operations.
Are you accepting donations for the LGBTQ FCU’s capital expenses or equity?
No. At this time we are only accepting donations for the Coalition’s organizing costs in building the requisite community partnerships, financial relationships, and information about LGBTQ consumers and organizational needs to successfully propose the LGBTQ FCU.
When will the LGBTQ FCU be open for business?
Based on NCUA estimates for the time required to propose a Federal Credit Union, raise capital & equity, and complete a membership survey and formal business plan, and given our internal organizing estimates the Coalition hopes to complete organizing of the LGBTQ FCU sometime between the years 2021-2023, at which time the FCU will be open to new members.
Some frequently asked questions regarding donations to the Coalition.
Is my donation to the Coalition tax-deductible?
Your contribution to the Coalition’s organizing is tax-deductible, as a donation to our Fiscal Sponsor, the San Francisco Bay Area Leather Alliance, a 501(c)3 nonprofit organization.
What fees or costs are paid when I donate by credit card?
- If you donate using a credit card online, 2.9% + 30¢ of your contribution is collected, prior to our receipt of funds, by Stripe for credit card processing fees.
- If you donate in-person using an in-person POS terminal, an additional 1% is Collected by our in-person
Why Can’t I Venmo the Coalition?
Unfortunately, the Venmo nonprofit program is in beta testing, and is currently unavailable to nonprofit organizations seeking charitable donations.
How is my donation used?
5% of your contribution is reserved for our 501(c)3 Fiscal Sponsor, The San Francisco Bay Area Leather Alliance, to cover their costs in providing administrative oversight to the Coalition and ensuring its compliance with all nonprofit legal requirements.
95% of your contribution is used to sustain the Coalition’s organizing for of an LGBTQ Federal Credit Union, such as our:
- Professional organizing tools (e.g. our websites and online platforms) to coordinate the Coalition’s community of individual supporters, organizational partners, and volunteers.
- Office tools and supplies (e.g. phones, internet connections, paper, and ink) to produce our research and reporting.
- Space, equipment, security, & staffing for Coalition events.
- Wages for full-time and part-time organizers, temporary event staff, and consultants.
What will the Coalition do with any operations funding left over after the LGBTQ FCU is started?
Any Coalition funds remaining at the time of the LGBTQ FCUs launch will be contributed, as a grant (or a “succession” gift) to the FCU for its use as capital or equity.
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