So how much will Haiti get from the Mona Lisa Million?
Nothing at the moment I’m still giving away sections for free.
I’m happy to do it too because it’s a great chance to build a community around the project, a community that will be essential to the success of the project.
I could open the Mona Lisa up to auction but in this early stage each section might only raise a dollar or so. Not that a dollarwouldn’t be welcome but right now, it’s not a sensible option.
At the moment I’m finding it challenging to give the links away let alone get anyone to bid for them. And I’m not moaning about it, it’s just a fact. I’m very relaxed about it because I know that as soon as interest picks up and there’s a demand, we’ll be on our way to raising the million.
What I really wanted to do today is clarify the issue of exactly how much of the money raised will go to Haiti.
Although I’ve been very open about how the proceeds for this project will be divided up, I fear that there’s an impression that all the money raised will go to Haiti, when in fact that’s not the case.
I’m going to find a way to make it instantly clear (perhaps in the sidebar) how the proceeds will be handled but for now I hope this explanation helps.
If the Mona Lisa Million raises over $1 million, which I sincerely hope it will, then 85% of the after tax and fees proceeds will go to help the aid effort in Haiti.
But that’s not all, I’ll also donate 5% to the “Million Book Giveaway“.
In total 90% of the after tax and fees proceeds will be donated if and I repeat if $1 million is raised. Less than that and it’ll work on a sliding scale and I’ll come back to that shortly.
Why Am I Telling You This?
I’m telling you this because although I’ve covered it elsewhere on the site I want to be clear that this project is not a charity and I don’t want to give the impression that it is.
One of the reasons for setting up this project was to create an income to support my family and and future proof our lives. I believe that this is an ethical way to do it and I feel the majority of people will be OK with that.
I’ll tell you straight… if you were minded to give to charity then you may prefer to bypass this project and give directly to the charity so they get the full value of your donation.
I’m OK with that because this is about securing funds that might not otherwise have been donated to charity. In these tight economic times people or businesses with limited budgets might not have the capacity to donate, but they may feel inclined to give if they know they’re getting something of value in return.
I’d like nothing more than to raise more than a million but I have to cater for other eventualities, so I created a sliding scale.
Staying true to tagline More Give, Less Take the very least I’ll give away is 55% of the after tax and fees proceeds.
Here’s how the sliding scale looks:
$1,000,000+
85% Haiti
5% Million Books Giveaway
10% Retained
$750,000 – 999,999
80% Haiti
5% Million Books Giveaway
15% Retained
$500,000 – 749,999
70% Haiti
5% Million Books Giveaway
25% Retained
$250,000 – 499,999
65% Haiti
5% Million Books Giveaway
30% Retained
$100,000 – 249,999
55% Haiti
5% Million Books Giveaway
40% Retained
$0 – 99,999
50% Haiti
5% Million Books Giveaway
45% Retained
Let me be very clear again, these donation figures are after tax and fees (eBay, paypal, exchange rates). I live in the UK and as such I’m liable for income tax and any funds raised through this project will be classed as income.
As the project progresses I’ll look at ways to maximise the donations to charities through tax rebates/returns/reliefs/concessions (or whatever they happen to be called at the time).
But let’s not dwell on the sliding scale, let’s go for the million!
That will only happen though, if you help me spread the word. Please share this site with others.
Allow me ask you directly… Are you OK with this? Does this seem reasonable and fair? I’m not fishing for compliments, I’m trying to see whether this sits well with you. Let me know in the comments.
Thanks for reading.
Dave
Picture: United Nations Development Programme
{ 9 comments… read them below or add one }
Hey Dave,
To be completely honest I think this project would be better if it was either completely non-profit, or completely a business.
With the current setup what it seems like is that people are buying the “product” from you, and then (from the cumulative funds) you are making a donation. Rather than them making a donation with their purchase. It just seems fragmented somewhat.
Part of me didn’t want to post this comment as it feels quite negative, but I appreciate you need people’s raw thoughts and feelings. So here it is.
However, however you decide to move forward I will support this project as much as I can.
Twitter: DaveFowler
March 17, 2010 at 16:06
Hi Danny, I’m glad you spoke your mind, and would always encourage you to do so. The feedback is tremendously valuable.
I had considered both routes but both were problematic. The straight charity route is difficult and incredibly restrictive. I felt compelled to launch the project quickly, and attaining charitable status isn’t a quick process (from what I can see).
The totally business route to me seemed a little greedy. I’m not saying that I don’t deserve a million all to myself or that the guy you linked to was greedy, I’m saying that I couldn’t justify (in my own mind) keeping all the money (not that even a penny has been raisedyet
). In addition I don’t think it would have been as appealing to an audience.
I felt that this project would be akin to what I used to do, i.e. I was paid reasonaly well to help others.
I suspect the problem lies in the way I’m putting it accross. I deliberately wanted it to appeal to a broad range of people for a broad range of reasons. I think I can pull it off I just need to summarise it a bit better. Does that make sense?
Great feeback Danny. It’s really helpful.
Dave, I stopped long ago asking people with limited or no vested interest in my personal life if they were “okay” with a decision I have made. Your explanations are very useful as people decide if they want to be involved, but now that the site is up and running and you’ve laid out exactly what you intend to do with any proceeds, your readers can only voice their “okay with it” by either participating or ignoring it. Preparing your family’s future is just as worthwhile as rescuing Haitian orphans. I will be happy to spread the word on behalf of both causes.
Twitter: DaveFowler
March 17, 2010 at 17:33
Erica, thanks, that’s an excellent point.
You’re quite right of course, I’ve built the ship and I’ve already set sail. I don’t intend to return to the dock and rebuild the ship as a submarine. It’s a ship and a good one too.
I suppose the underlying issue is that I’m confident in the concept but I’m not confident that I’m doing a good job of selling it. If I’m being truthful, the lack of response from earlier requests for feedback has shaken my confidence and I was concerned that I’d got it a bit wrong.
I’m not a businessman or a salesman and I’m a little out of my comfort zone, but I am thoroughly enjoying learning how to be both of those things.
As a direct result of what you’ve said here I feel that my confidence has been restored!
Thanks again.
Twitter: mazda__madness
March 17, 2010 at 22:16
As Erica says – people will either buy into it or not. You’ve been up front about what you’re doing and that’s fine. I’ve worked with and been on commitees for a few charities and the standard is 10% goes on admin – there are a lot of charities who spend a lot more and don’t spend it wisely. I’m not condoning it, I think as much as possible should go to the cause but it’s impractical to expect every penny to go to the cause. Ironically, it costs money to raise money.
The only thing I would say is you would benefit from registering as a charity – for tax purposes plus Ebay concessions, gift aid and other online schemes for raising money such as clicknow. You would also be able to retain an income.
They are relatively easy to register, but you will need a committee and a plan of what you intend to do and how you intend to distribute monies raised.
Think of it this way. What happens after you hit $1 million? The end of the project? or will you keep raising money? If you intend to keep going I’d go the registered charity route.
Twitter: DaveFowler
March 17, 2010 at 23:42
Strawberry, you raise a lot of good points and you deserve a proper reply. I wouldn’t say I’ve ruled out charity status but it doesn’t sit well with what I have planned for the site. What I’ll do is articulate my thoughts in a proper post and link it back to this comment. It’ll be a great chance to share my vision of the future.
Twitter: mazda__madness
March 17, 2010 at 22:33
By the way, pick up your sliding scale and throw it in the bin – the goal is $1 million, not anything below – I think Tim Brownson would back me up on that
Just a thought though – if you’re raising money for Haiti, how about some news on what’s going on over there? What are they short of? What will $10 buy, never mind a million? What happened to the children who came here for treatment? What difference will the money make? Who will you distribute it to and how? I’m not grilling but it’s all stuff I want to know anyway.
Giving money is one only part of it, I also want to know it will make a difference.
Twitter: DaveFowler
March 17, 2010 at 23:47
Strawberry this is brilliant stuff! $1 million is the goal and nothing less will do
I’ll definitely be writing more about Haiti and inviting others to do the same. It’s important that we don’t forget Haiti (and unfortunately sometimes it’s easy to do exactly that).
Keep the suggestions coming, it gives me food for thought and sparks the creativity.
Thank you.
@Strawberry I think the “What will $10 buy” is a great post idea