Professional Fundraiser Bonds Explained
Professional fundraisers are individuals or businesses hired to manage and execute fundraising campaigns on behalf of charitable organizations. Similarly, commercial co-venturers advertise that the sale of goods or services to the public will benefit a charitable purpose.
A number of states require both professional fundraisers and commercial co-venturers to register, become licensed, and post a surety bond. These bonds guarantee that such funds will not be mismanaged or misplaced, providing protection to any charitable organization that experiences any losses, damages, or penalties resulting from any wrongdoing by the principal, its officers or employees in the conduct of the solicitation activities while the bond is active.
Professional fundraiser bonds can sometimes be referred to as paid solicitor bonds, professional solicitor bonds, charitable solicitation bonds, and others depending on your state.
For more information on professional fundraiser bonds, keep reading the Questions section below. You can also call us at (877)-514-5146.
Not all states have a bonding requirement for professional fundraiser but a number of them do.
Check out the table below to find out what is your state’s bonding requirement. Keep in mind that these are frequently subject to change. If you don’t see your required bond on our list, you can still submit our online application and we can help.
Questions about Professional Fundraiser Bonds
What is the cost of professional fundraiser bonds?
Each state determines what the total amount of the bond they require will be. They usually range between $10,00, like in Michigan and Georgia, to $50,000 in other states, like Florida. This means that if a claim is made against a fundraiser’s surety bond in Georgia, the maximum compensation a claimant can obtain is $10,000.
This penal sum isn’t the same as your actual bond cost. To get bonded, professional solicitors pay a premium, usually annually and sometimes bi-annually. The premium depends on the solicitor’s credit score and can range between 1% and 10% of the penal sum, depending on their credit score.
For example, if an applicant with excellent credit applies to get bonded in Florida, and they are quoted at 1%, their annual premium will be $500.
Every bond is different and the applicant’s credit score might not be the only determining factor during the underwriting process. Find out more on our “What Does a Surety Bond Cost?” page.
Can I get bonded with bad credit?
Yes! Most applicants will successfully obtain a professional fundraiser bond, even if they have a low credit score, no credit history or past due items in their reports. The only applicants who typically see their applications rejected are those with open bankruptcies and late child support payments.
Lance Surety Bonds offers excellent rates, even to bad credit applicants and without the need to post collateral or find a co-signer. If you’re unhappy with your premium, our agents can lend a hand, so you can build a stronger application. Surety bond underwriting is based on the assumed risk for the surety, so there are ways to demonstrate that you are not a high-risk applicant. For example, if you have strong financials or a lot of industry experience, this can reduce your premium.
Find out more on the topic on our page dedicated to getting bonded with bad credit.
What’s the application process like for professional fundraiser bonds?
We’ve created a fast and user-friendly online application. You only need to submit a few details about your business and required bond, and we take it from there. We’ll contact you with a free bond quote and one of our agents will work with you throughout the whole process.
We will help you with all the paperwork, answer your questions, and expedite your bond as soon as it’s signed by the bonding company. Usually the whole process takes between one and two business days– though we also advise our clients to apply as early as possible for peace of mind.
You will receive the original bond form (which you are usually required to attach with your application) by mail, and we can supply additional copies via fax or email.
For questions regarding your application, you can always ask our agents at (877)-514-5146.
How are claims handled for professional fundraiser bonds?
Each state will have specific provisions that you need to comply with. When getting bonded, it’s a good idea to contact your local authority and inquire which laws and regulations pertain to your profession. Violating the law can trigger a claim against your business.
If you are notified of a claim, you must make good on it before it goes to court. In some cases the surety will provide the initial compensation, but you’re responsible for reimbursing it in full in a timely manner.
If you think you have not violated the terms of the bond agreement and the claim against you is groundless you can dispute it but you must have sufficient proof. As a rule of thumb, keep your communication with the claimant well-documented so you can build a solid case.
Find Your Surety Bond
|Alabama||Prof. Fund Raiser or Comm. Co-Venturer||Office of the Attorney General||Apply Now|
|Arizona||Contracted Fundraiser||AZ Secretary of State||Apply Now|
|Arkansas||Professional Fund Raisers Bond||Arkansas Attorney General||Apply Now|
|California||Commercial Fundraiser for Charitable Purposes Bond||Attorney General - Registry of Charitable Trusts||Apply Now|
|Connecticut||Fund Raising Counsel or Paid Solicitor||State of Connecticut, Dept of Consumer Protection||Apply Now|
|Florida||Professional Solicitor Bond||FL Dept. of Agricultural and Consumer Services Div||Apply Now|
|Georgia||Paid Solicitor Registration||Secretary of State of the State of Georgia||Apply Now|
|Hawaii||Professional Fund Raisers||Department of the Attorney General - Tax Division||Apply Now|
|Illinois||Professional Fund Raiser's Bond||Illinois Attorney General||Apply Now|
|Local Government||Solicitation Permit Bond||City of Nashville||Apply Now|
|Maine||Professional Solicitor or Commercial Co-Venturer||Department Of Professional & Financial Regulation||Apply Now|
|Maryland||Professional Solicitors & Public Safety Solicitors||State of Maryland||Apply Now|
|Massachusetts||Professional Solicitors and Commerical Co-venturer||Commonwealth of Massachusetts||Apply Now|
|Michigan||Uniform Professional Fund Raiser Surety Bond||Departent of Attorney General-Charitable Trust Sec||Apply Now|
|Minnesota||Professional Fund Raisers Bond||Office of the Attorney General||Apply Now|
|Mississippi||Professional Fund Raisers||Mississippi Secretary of State's Office||Apply Now|
|New Hampshire||Paid Solicitor||Dpeartment of Justice Attorney General Office||Apply Now|
|New Jersey||Professional Fund Raisers Bond||Division of Consumer Affairs||Apply Now|
|New Mexico||Professional Fund Raisers Bond||New Mexico - Office of the Attorney General||Apply Now|
|New York||Annual Bond (for Professional Fund Raisers)||New York State Department of Law||Apply Now|
|North Carolina||Solicitors||NC Sec. of State: Charitable Solicitation Section||Apply Now|
|North Dakota||Uniform Professional Fundraiser||Secretary of State||Apply Now|
|Ohio||Bond for Professional Colicitor and Fund Raising C||Ohio Attorney General - Charitable Law Section||Apply Now|
|Oklahoma||Professional Fund Raisers Bond||Oklahoma Secretary of State||Apply Now|
|Pennsylvania||BCO-160||Commonwealth of Pennsylvania Dept of State||Apply Now|
|Rhode Island||Professional Fund Raisers||Dept of Business Regulation - Securities Div||Apply Now|
|South Carolina||Professional Solicitor's||South Carolina Secretary of State||Apply Now|
|Tennessee||Professional Fund Raising||Division of Charitable Solicitations and Gaming||Apply Now|
|Virginia||Professional Fund Raiser||Commonwealth of Virginia||Apply Now|
|Washington||Commercial Fundraiser||State of Washington - Secretary of State||Apply Now|
|West Virginia||Professional Fund Raising||Secretary of State||Apply Now|
|Wisconsin||Professional Fund Raisers Bond||Dept of Safety & Professional Services||Apply Now|
|Wisconsin||Fund-Raising Counsel Bond||Department of Financial Institutions||Apply Now|
|Wisconsin||Professional Fund Raisers (Non-Custodial) Bond||Dept of Financial Insitutions||Apply Now|
|Wisconsin||Professional Fund-Raiser (Custodial) Bond||Dept of Financial Insitutions||Apply Now|