The following is the Terms of Use (the “Terms”) of HaloBoost, Inc. effective August 21, 2016. By using this website (the “Site”) and the services of HaloBoost (the “Services”), you agree to be bound by these Terms, as well as HaloBoost’s Privacy Policy, all applicable laws, and generally accepted notions of kind and respectful behavior. We may change these Terms at any time, posting the revised Terms on the site, affective from the date of posting.
HaloBoost is a crowdfunding platform, that provides a forum and means to raise money for a particular creative or business project (“Project”).
“Project Leader(s)” or “Project Team” are people who initiate a fundraising campaign on HaloBoost.
A “Campaign” is a fundraising initiative on HaloBoost.
“Boosters” are people or entities that pledge money to a Project, also known as “boosting” a Project or Campaign.
A “User” is anyone who comes to or uses www.haloboost.com Site or Services.
“Gifts” are tangible items or intangible services, which are not offered for sale, that Project Leaders/Teams may provide to a Booster in return for a pledge.
“Charity Partner,” “Guest Charity,” “Charity” and “Charities.” A “Charity Partner” is a charity chosen by HaloBoost to help promote the Project via social media. A “Guest Charity” is a charity chosen by the Project Leader/Team. A “Charity” refers to either a Charity Partner or a Guest Charity, and “Charities” refers to the four Charity Partners and one Guest Charity associated with each project. When a Booster pledges money to a Project, they are asked to choose one of these five Charities to support. This Charity will receive 5% of the Booster’s pledge and, along with the four other Charities, be entitled to a portion of the project’s future sales, as outlined in the “Pay-It-Forward Agreement” found at the end of these Terms.
“Angel Round” is an additional 15-day period in which a Project Leader or Team can secure a loan or equity investment offline for any Project valued at $100,000 or more, to make up the difference between the funding goal and the pledges received.
You must be at least 18 years old to use HaloBoost. We reserve the right to deny or ban anyone from using our Site and Services. At this point in time, posting a project on HaloBoost is by invitation only.
We also reserve the right to remove, prevent or prohibit any Project should we feel, in our sole discretion, that it violates our Terms in any way. Additionally, we maintain the right to edit or delete Project pages, User’s account and comments posted on the Site, if we feel, at our sole discretion, that certain images, text, language, or meaning is in any way inappropriate.
We maintain the right to refuse or remove certain Gifts offered by a Project that we feel, at our sole discretion, are not appropriate or in keeping with HaloBoost standards.
By agreeing to these Terms, you are agreeing to use the HaloBoost Site and Services at your own risk. HaloBoost is not liable for any damages or losses occurred as a direct or indirect result of using our Site or Services.
If you set up an account with HaloBoost, you are solely responsible for the truth and accuracy of all information you post to that account. You are responsible for keeping your password confidential and for notifying HaloBoost if you believe your account has been breached.
With regards to Projects: HaloBoost does not oversee or represent any Project. As such, we encourage Boosters to do their own due diligence before boosting a project. While we care deeply about all the Projects on our Site, we accept no responsibility for:
The content, creation or execution of a Project.
How a Project, Project Leader(s) and/or Project Team uses the funds received through a Campaign.
Any representation made by a Project Leader and/or member of a Project Team
The fulfillment, quality or legality of any agreed upon Gifts.
Ensuring that, once funded, the Project adheres to the Pay-It-Forward Agreement outlined in these Terms.
With regards to Boosters: HaloBoost is not liable for the validity of any pledge made by a Booster, including but not limited to, whether that Booster’s credit card is valid at the time of payment collection.
With regards to The Angel Round:
HaloBoost does not own, loan, endorse, verify or invest in any Project, and we accept no responsibility for any loan or investment made to a Project.
We are not liable for any information, financial or otherwise, provided by the Project Leader or Project Team.
We do not verify, nor accept responsibility, that a Project, Project Leader/Team or legal entity that owns the Project is following SEC guidelines with regards, but not limited to, the public solicitation of private funds, the verification of an investor’s accredited/non-accredited status, and any and all reporting requirements.
Furthermore, while we make every attempt to verify Proof of Funds, HaloBoost accepts no responsibility that the Project, Project Leader(s) or Project Team has secured the loan or investment they claim to have secured during the Angel Round.
HaloBoost does not get involved in disputes between Users or between Users and third party companies related to our Site or Services (e.g. credit card processing companies) and makes no representation that any party will adhere to our Terms.
We do not charge any fees for boosting a project. Signing up for an account and launching a project on HaloBoost is also free. If your project is successfully funded then we and our payment processor, Stripe, collect our fees. Currently, our fee is 4.75% of the pledge (including shipping costs), and Stripe’s fee is 2.9% of the pledge (including shipping costs) plus .30 cents per transaction. We will post a notice on our Site prior to any material changes in either of these fees. Updated fees will only be in effect for Projects launched after the posted change.
Don’t break the law. Pure and simple.
Don’t lie or impersonate someone else. Don’t post false or misleading information. Don’t scam anyone.
Don’t spam. This means do not contact users or post comments with mention of unsolicited offers or promotions, or in some way promoting an agenda not related to the specific Project posted.
Do not promote hate or intolerance. Don’t bully, harass or victimize any person or any groups of people. This includes the use of profanity, obscene images and defamatory or threatening remarks.
Don’t abuse anyone’s personal information
Don’t do anything that will interfere with the proper workings of the Site.
Don’t do anything that poses an unreasonable demand on the Site’s infrastructure or that of our third-party providers.
Don’t attempt to access any User’s personal information or damage any part of the Site.
Don’t attempt to reverse engineer the Site or deconstruct the Site in an attempt to access source code, algorithms or any other private of proprietary information.
Don’t raise funds for any illegal activities, illegal substances, or to harm people or property.
Don’t offer Gifts that are illegal or prohibited, such as securities, alcohol, pornography, firearms and any and all controlled substances.
Don’t run a sweepstakes of any kind.
Don’t post a Project if you cannot complete the Project with the stated funds necessary.
Don’t offer rewards that you cannot fulfill in the time you have stated.
Don’t post a Project if you cannot or will not adhere to the Pay-It-Forward Agreement outlined later in this document.
With regards to the Angel Round:
Don’t solicit Boosters for an equity investment or loan.
Don’t post any information on HaloBoost regarding the terms of an equity investment or loan.
Don’t publically advertise the terms of an equity investment or loan.
Don’t accept an equity investment or loan from a non-accredited investor, based on accreditation status as defined by the SEC.
Unless you have filed a Regulation D 506 (c) offering with the SEC, you MAY NOT accept any equity investment from any person, persons or institutions that you do not have a substantial preexisting relationship with.
Don’t circumvent any SEC rules and regulations regarding an equity investment or loan.
Don’t falsify documents, lie or mislead HaloBoost, its representatives or agents about an equity investment or loan, including its existence, amount, the individuals or institutions behind the loan or investment, or the accredited or non-accredited status of any individuals behind the loan of investment.
When a Project solicits pledges on HaloBoost, it sets in motion a series of contractual agreements (“Agreements”) by and between Project Leaders, Boosters and the Charities. By using this Site, everyone involved is agreeing to adhere to the following Agreements. Any Agreement between the Project Leader and a Charity Partner or Booster is the sole responsibility of the Project Leader and failure to comply may subject them to legal action. HaloBoost is not a party to any of these Agreements, and accepts no responsibility, nor mediates any disputes.
NOTE: The Pay-It-Forward Agreement is included as an addendum at the end of these Terms
By posting a Project on HaloBoost, a Project Leader is inviting others to pledge money to their Project. If the Project reaches its funding goal:
The Booster’s credit card will be charged for the amount pledged plus any additional shipping costs relating to Booster’s chosen gift (if applicable).
The Booster will get the Gift promised in a timely manner;
The Project will be completed as outlined on the Project’s page; and
Once completed, the Project will remit no less than 5% of all money earned (i.e. “Sales” or “Revenue”) to its Charity Partners, until all the pledge money received by the Project has been paid forward to those Charities as per the “Pay-It-Forward Agreement” found at the end of these Terms.
Boosters should understand that they are funding the creation of something new, not buying an item already in production. As such, there may be delays, changes or even a chance that the Project Leader is not able to deliver on what they promised. Should this be the case, the Project Leader must make every reasonable effort to bring the project to a satisfying conclusion under the given circumstances. This includes:
Promptly posting truthful updates as to the status of the Project;
Outlining exactly where the money has been spent to date;
Making every effort to offer a viable, alternative version of the project, and
Offering to return any remaining funds to Boosters who have not yet received their Gifts (in proportion to the size of their pledge).
Sometimes a Gift will incur ADDITIONAL SHIPPING COSTS as determined by the Booster’s shipping address. Once a Booster enters their shipping information, they will be informed of any additional costs and be given the opportunity to either accept the increased amount or cancel/edit their pledge and/or Gift.
By posting a project on HaloBoost, a Project Leader is capitalizing on the goodwill and social marketing efforts of HaloBoost’s Charity Partners. Each of these Charity Partners grants the Project the right to use the Charity’s name in promoting themselves, as long as the Project’s stated involvement and contribution to the Charity are accurate and truthful. In return the Project grants each Charity Partner:
The opportunity to receive 5% of every pledge (excluding additional shipping costs) made to the Project as solely determined by the preference of the individual Booster;
The opportunity to benefit from any sales made by the project in accordance with the PAY-IT-FORWARD AGREEMENT.
With regards to a Guest Charity, a Project Leader/Team may NOT use the Guest Charity’s name, logo or any other trademarked material to promote themselves unless the Guest Charity has specifically granted the Project permission to do so. Nonetheless, the Project grants its Guest Charity:
The opportunity to receive 5% of every pledge (excluding additional shipping costs) made to the Project as solely determined by the preference of the individual Booster;
The opportunity to benefit from any sales made by the project in accordance with the PAY-IT-FORWARD AGREEMENT.
When a Booster chooses a specific Charity to support, it grants that Charity permission to use the Booster’s email address to send further correspondence to the Booster IF AND ONLY IF there is an opt out feature, giving the Booster the option to take their name off the Charity’s mailing list, and receive no further correspondence.
PLEASE NOTE: While each Charity is a registered 501(c)(3) non-profit, the portion of the Booster’s pledge that goes to the Charity is NOT tax deductible for the Booster. Furthermore, any portion of the Project’s future sales paid to the Charity under the Pay-It-Forward Agreement are a tax deduction FOR THE PROJECT ONLY.
To fund a project, the Project Leader posts a Project on HaloBoost sets a funding goal and a time limit to reach this goal (e.g. “We want to raise 1 million dollars in 30 days.”)
For Projects seeking less than $100,000, HaloBoost uses an ALL-OR-NOTHING FUNDING MODEL, meaning the Project must meet or exceed its funding goal within the time frame set to receive the money that has been pledged. If the Project fails to reach its goal the Booster’s credit cards will not be charged.
If the time frame is 30 days, the Project will be closed to pledges at 11:59 pm PST on Day 30.
NOTE: Only the amount pledged is counted toward a project’s funding goal, NOT ANY ADDITIONAL SHIPPING COSTS. As an example, if a Booster makes a $100 pledge and chooses a gift that requires additional shipping of $10, the Project’s pledge total increases by only $100, the amount of the pledge, and NOT $110, the pledge amount plus the additional shipping costs.
Projects seeking $100,000 or more that fail to reach their funding goal, qualify for the ANGEL ROUND, an additional 15-day period in which a Project Leader or Team can secure a loan or equity investment offline to make up the difference between the funding goal and the pledges received.
For example, If the Project’s original time frame is 30 days, the Angel Round begins at 12:00 am PST on Day 31 and closes at 12:00 pm (noon) PST on Day 16 of the Angel Round, which would be Day 46 since the Project first went live.
A Project must show PROOF OF FUNDS demonstrating that the money raised offline plus the pledges raised through the campaign meet or exceed the original funding goal in order to have the Boosters’ credit cards charged and the pledges released to the project. Proof of Funds includes a bank statement in the Project or Project Leader’s name, a letter for a lawyer, escrow agent, bank officer, etc.
THE ANGEL ROUND IS NOT A GENERAL SOLICITATION OF PRIVATE SECURITIES. Only individuals that enjoy a substantial preexisting relationship with the Project Leader or members of the Project Team are allowed under SEC law to make a capital investment in the Project.
PLEASE NOTE: HaloBoost is not a registered broker-dealer and does not offer investment advice or advise on the raising of capital through securities offerings. HaloBoost takes no part in the negotiation or execution of transactions for the purchase or sale of securities, and at no time has possession of funds or securities. No transactions are advertised, executed or negotiated on or through the Site, and HaloBoost takes no fee or commission on any money raised during the Angel Round.
The amount a Project receives is equal to all the pledges (plus additional shipping costs) collected, less payment processor and HaloBoost fees, and the 5% donation to Charity. For a pledge of $100 wherein the Booster choose a gift that required additional shipping of $10, the breakdown would be as such:
$ 100 – Pledge
+ $10 – Additional shipping
---------
$ 110 – Total charge to Booster’s credit card
Less:
$3.49 – Stripe fee = 2.9% of $110 plus 30 cents
$5.23 – HaloBoost fee = 4.75% of $110
$5.00 – Donation to Charity = 5.0% of $100
----------------
$ 96.28 = total amount of pledge received by the Project
REFUNDING PLEDGES – After your Project has been funded, you may cancel a Booster’s pledge and refund the full amount at any time, at which you point you will have no further obligation to that Booster, including the fulfillment of their chosen Gift.
UNCOLLECTABLE PLEDGES – Some credit cards payments cannot be collected, such as when a Booster’s credit card expires between the time they made their pledge and the time the campaign ends and their card is charged. As a result, the pledges made to your Campaign may be more than the actual amount collected.
TAXES – The IRS and local and state tax agencies may consider the funds raised through HaloBoost as taxable income to the Project Leader and any beneficiary of the funds such as a Project LLC. It is the sole responsibility of the Project Leader to consult with a tax attorney and properly report all money raised through HaloBoost on all relevant tax forms.
When you support a Project on HaloBoost, you:
Choose the Project;
Indicate the amount you wish to pledge;
Choose a Gift;
Pick and a Charity to support;
Select or don’t select an option (“Donation Option”) allowing you to send 5% of your pledge to that charity regardless of whether the project successfully funds or not;
Provide your credit card information. Your credit card will not be charged at this point.
Provide the shipping location for your gift (if applicable). If there is an additional cost associated with shipping to this location, you will be informed of the cost and allowed to either accept the additional cost and continue with your pledge or edit/cancel your pledge and/or gift choice.
In some instances, HaloBoost and Stripe may authorize or reserve a charge on your credit card for any amount up to the full pledge at any time between the pledge and the collection of funds.
Below are the different funding scenarios, showing how and when your Pledge would result in a charge on your credit card:
THE PROJECT REACHES OR EXCEEDS ITS FUNDING GOAL. If, at the time of the project’s funding deadline, the project has reached or exceeded its fundraising goal, you credit card will be charged for the full amount of your pledge plus any additional shipping costs.
Its goal was less than $100,000, and…
YOU DID NOT check the above-mentioned Donation Option; your credit card will not be charged. HaloBoost will take no fee and neither the Project nor the Charity will receive any funds.
YOU DID check the above mentioned Donation Option, your credit card will be charged for an amount equal to 5% of your pledge. That amount (less Stripe fees) will be deposited into the Charity’s Stripe account or, in the case of a Guest Charity, deposited into a separate HaloBoost Stripe account to later be distributed to that charit
CANCELATION POLICY - You can cancel your pledge up to 24 hours before the Project’s funding deadline. You may make additional pledges at any time before the Project’s funding deadline. However, once the Project reaches its funding deadline, you may not cancel your pledge nor make additional pledges.
GIFTS – Following a successful campaign, the Project Leader may send you an email with questions about your Gift. These questions might include your mailing address so they can deliver the Gift, or your shirt size if the Gift is something like a t-shirt. In order to receive your Gift, you must respond to this email and provide the information necessary. And please remember that the delivery date stated for your Gift is an ESTIMATED date, not a guarantee. However, if the delivery schedule does change substantially, we ask that all Project Leaders communicate this.
REFUNDS – HaloBoost does not offer refunds. The responsibility for finishing a project and fulfilling Gifts lies entirely with the Project Leader. HaloBoost does not guarantee any projects, and we do not hold onto the Project’s funds and therefore cannot and will not refund any pledges.
TAX DEDUCTION – The Booster is NOT allowed to take a tax deduction for any portion of their Pledge, including the 5% donated to Charity, as well as any future money the Charity may receive via the Pay-It-Forward Agreement. Due to the limitations of our payment processor, the 5% portion of the Pledge donated to Charity must first pass through HaloBoost, necessitating that HaloBoost use the tax write-off to offset the income implications of receiving this money. In this same vein, the percent of future sales that the Project remits to the Charities must be taken by the Project as a tax write-off against those sales.
HaloBoost contains links to third-party websites, such as the sites of our Charity Partners and the various URL’s posted on project pages and User profiles. We do not own or operate these sites, and Users visit these sites and use their services at their own risk.
HaloBoost uses the company, Stripe, to handle our payment processing. As such, all Users who pledge to or create a project are also agreeing to Stripe’s Terms of Use.
HaloBoost does not own the User Content (the “Content”) submitted to or posted on the Site. However, to perform our Services, as well as related marketing and promotional activities, each User must grant HaloBoost, and others acting on our behalf, the worldwide, non-exclusive, perpetual, irrevocable, royalty-free, sublicensable, transferable right to use, exercise, commercialize, modify, publically perform, publically display, create derivative works and exploit the copyright, publicity, trademark, and database rights with respect to their Content.
Each User represents and warrants that their Content contains no material that violates any third-party’s intellectual property rights, proprietary rights, privacy rights or rights to confidentiality, unless they have permission from the rightful owner and subsequently grant HaloBoost all rights mentioned above.
Furthermore, Users are solely responsible for anything they post onto the Site, including any errors, omissions and other mistakes as well as any license or royalty payments. In short, HaloBoost accepts no responsibility for anything a User may post to the site.
By using the Site and our Services, you agree not to change, translate or create derivative works of the Site and Service. You further agree to respect all copyrights, trademarks, service marks and patents associated with the Site and Service as well as those associated with any projects that appear on the Site.
You may not use, reproduce, modify, distribute or license any content from the Site for commercial purposes – both that which belongs to HaloBoost and that created or posted by an individual User -- without first getting prior written permission for HaloBoost or the copyright holder for such material.
HaloBoost reserves the right to delete or disable any material it believes to be a copyright infringement and to delete that User’s account.
When dealing with issues of copyright infringement, we comply with The Digital Millennium Copyright Act of 1988 (the “DMCA”).
If anyone believes that their work has been copied, they should notify us via email at copyright@haloboost.com and then prepare a written statement signed (either physical or electronic signature) by the copyright holder or someone authorized to act on behalf of the copyrighted material which includes:
Identification of the copyrighted work that was infringed upon.
Identification of the material said to be derived from the copyrighted work.
A statement that they believe the use of the copyrighted material is not authorized by the copyright holder, an agent for such, or the law.
A statement testifying, under perjury, that the information provided is accurate and that the person providing it is authorized to do so.
Contact information: phone number, email and physical address.
This information should be mailed to:
HaloBoost Inc.
Attn: DMCA Agent
611 S. Catalina Street
Suite 300C
Los Angeles, CA 90005
You can terminate your account anytime; however, all provisions of these Terms remain in effect beyond any account termination, including our rights to any material that has already been submitted. Deleting your account will NOT delete any projects that have already been posted on the Site.
At this time, posting a project on HaloBoost is by invite only. As such, HaloBoost reserves the right to reject, cancel, interrupt, remove, or suspend any project for any reason at any time.
We further reserve the right to:
Make changes to the HaloBoost Site and Services without notice or liability.
To decide who is eligible to use HaloBoost
To change eligibility criteria at any time
To cancel anyone’s account
To cancel any pledge to any project for any reason at any time
HaloBoost is not liable for any damages that may arise as a result of the above-mentioned actions, nor will we provide comment or reason behind such actions.
YOU USE THE HALOBOOST SITE AND SERVICES AT YOUR OWN RISK. THEY ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OR COURSE OF PERFORMANCE, DEALINGS OR USE OF TRADE. NO ADVICE OR INFORMATION GIVEN TO YOU (EITHER WRITTEN OR ORAL) OR WORK PERFORMED ON YOUR BEHALF BY HALOBOOST, OUR CHARITY PARTNER, OR ANY REPRESENTATIVE, EMPLOYEE, CONTRACT WORKER OR AGENT OF HALOBOOST OR OUR CHARITY PARTNERS SHALL CREATE ANY WARRANTY.
You agree to defend, indemnify and hold harmless HaloBoost, its subsidiaries and affiliated companies, and their officers, directors, employees, contractors and agents from and against any and all claims, causes of action, damages, obligations, losses, liabilities, costs or debt, and expenses (including attorneys' fees and other legal costs) and all amounts paid in settlement that arise from or relate to your use of the Services, breach of these Terms or violation of any laws. We reserve the right to assume the exclusive defense and control of any matter subject to this indemnification clause, in which you agree to assist and cooperate with HaloBoost in the defense or settlement of any such matters.
HALOBOOST AND ITS AFFILIATES, CHARITY PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUBCONTRACTORS, CONTENT PROVIDERS AND LICENSORS WILL NOT BE HELD LIABLE FOR ANY INDIRECT, INCIDENTAL, PUNITIVE, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES OF ANY KIND. AND IN NO EVENT WILL HALOBOOST’S LIABILITY OR THAT OF ITS AFFILIATES, CHARITY PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUBCONTRACTORS, CONTENT PROVIDERS OR LICENSORS EXCEED ONE HUNDRED U.S. DOLLARS ($100.00) FOR OR ANY DIRECT DAMAGES.
In the event of legal action, you hereby agree that HaloBoost, its Site, Services and these Terms are to be governed by and construed in accordance with the laws of the State of California and the United States of America, without respect to any principles of conflicts of laws, and without application of the Uniform Computer Information Transaction Act or the United Nations Convention of Controls for International Sale of Goods.
You further agree that HaloBoost and its Services shall be deemed a passive website that does not give rise to personal jurisdiction over HaloBoost, either specific or general, in any jurisdiction(s) other than California, and that any action at law or action in equity shall be filed only in the state or federal courts located in Los Angeles County in the State of California. You hereby consent and submit to the personal jurisdiction of these courts for the purposes of litigating any such action, and you irrevocably waive any right you may have to trial by jury in any dispute, action, or proceeding.
HaloBoost will cooperate with law enforcement officials and agencies in an investigation of alleged illegal activity regarding the use of our Site or Services and as required by law.
In the event of a dispute between a Booster and a Project Leader, such as the Project Leader’s alleged failure to comply with these Terms or fulfill a Gift, we may provide the Booster with the Project Leader’s contact information so that they may work to amicably resolve the issue.
These Terms and the material referenced herein represent the entire agreement between you and HaloBoost with respect to our Site and Services. They supersede all other terms, agreements or proposals made between you and HaloBoost or any agents or representatives of HaloBoost, whether oral, written or electronic.
Should any provision of these Terms be found invalid under the law, that provision shall be eliminated or minimized as much as possible so the other provisions of these Terms may remain intact and fully enforceable. The failure of either you or HaloBoost to exercise any right outlined in these Terms will not be construed as a waiver of any other rights.
These Terms relate to you. You cannot assign, transfer, sublicense or delegate them without HaloBoost’s prior written consent. However, HaloBoost does have the right to assign, transfer, sublicense or delegate any of its rights or obligations under these Terms without obtaining your permission. HaloBoost will provide notice of such by posting the information on our website.
The Pay-It-Forward Agreement is a promise made by the Project Leader(s) to that project’s Charity Partners and Boosters. Since the fulfillment of this Agreement will take place offline and (most likely) over the course of a few years, we feel it necessary to break out this Agreement so it can stand on its own, while also falling under the umbrella of the Terms of Use.
Following a SUCCESSFUL CAMPAIGN, the Project Leader hereby agrees to donate no less than 5% of all GROSS RECEIPTS generated by the Project to the Charity Partners associated with it, until all the PLEDGE MONEY RECEIVED by the Project has been paid forward to those Charities in accordance with the ALLOCATION SCHEDULE.
GROSS RECEIPTS shall be defined as all monies received through the sales, rental or license of the project, its product(s) and/or service(s) before subtracting out any costs or expenses. As such, the 5% donation to Charity should be treated in the same manner as a sales commission or royalty (i.e. it “comes off the top.”)
Gross receipts DOES NOT include any and all money raised to start, continue or complete the Project including pledges, donations, gifts, investments or loans.
A SUCCESSFUL CAMPAIGN is defined as any Campaign that reaches at least 100% of its funding goal. This can be accomplished through pledges made on the HaloBoost site within the Campaign timeline, or as a combination of pledges plus additional financing raised offline during the 15-days immediately following the close of the campaign, a period known as the “Angel Round.”
PLEDGE MONEY RECEIVED constitutes the actual money the Project takes in as a result of its Campaign. It does not include: 1) additional shipping fees collected at the time of the pledge; 2) money received in the form of loans, gifts or equity during the Angel Round; 3) pledge(s) determined to be canceled, invalid or in default and therefore not received by the Project; and 4) all fees associated with the pledge including that of Stripe and HaloBoost as well as the initial 5% paid to Charity.
ALLOCATION SCHEDULE: Within ten (10) days of the successful close of the Project’s campaign, HaloBoost shall provide the Charity and the Project with an Allocation Schedule, outlining the exact percentage of Gross Receipts and total dollar figure due to each Charity.
To calculate this percentage, we add up all the pledges of Boosters who selected a particular Charity and then divide that number by the total amount of pledges.
The Project Leader may elect to make these donations on a quarterly basis or annually, based on their year-end fiscal calendar. In addition to the terms above, the Project Leader agrees to keep accurate accounting records and to provide both HaloBoost and the Charites with those records upon request.