CROWDFUNDING (FAM)

___________________________________________________________

The process of requesting and receiving money from friends, family, or the general public via a website, such as GoFundMe, Kickstarter, or Indiegogo, is known as crowdfunding. Money in a crowdfunding account is a countable resource.

Consider only the money available to the household. Crowdfunding websites may make money available either when the first donation has been made or when the fundraising goal has been met. As soon as any money in a crowdfunding account is available to the household, it is a countable resource.

Deduct any fees that will reduce the amount of the available money. Websites may charge fees to the beneficiary. Example: if a crowdfunding campaign raises $10,000 and fees are set at 10% ($1,000), the value of the countable resource is $9,000.

Note: If money in a crowdfunding account is spent on deductible expenses, deductions would apply to income for income eligibility determination and the allotment calculation. Deductible expenses may include: employment, child/dependent care, court-ordered child or spousal support, garnishments, income allocated to dependents, self-employment, and training. See Part 601, Income Limits, Payment Standards, and Allotments and Part 603, Deductions and Disregards.

Treatment: Countable Resource, as soon as the money is available to the household.

References: PART He-W 656; RSA 161:2, XII; RSA 161:4-a, III; RSA 167:7, IV