California Commercial Fundraiser for Charitable Purposes Bond
Learn what this bond can do for you and how to easily get one!
What is a California Commercial Fundraiser for Charitable Purposes Bond?
Every commercial fundraiser for charitable purposes must submit this bond to the Registry of Charitable Trusts of the Department of Justice before he or she can solicit funds, assets, or properties for charitable purposes.
The purpose of this bond is to ensure that the said person will comply with the Uniform Supervision of Trustees for Charitable Purposes Act and any other relevant ordinances, statutes, rules, and regulations. Some of the obligations that the commercial fundraiser for charitable purposes must obey are the following:
- That the contributions should be deposited within five days of receipt to the bank account of the charitable organization.
- That the contributions received should be delivered to the charitable organization in person, by the United States express mail, or by another method of delivery as long as it’s overnight delivery.
This requirement is in pursuance of Section 12599.5 of the Government Code.
How does a California Commercial Fundraiser for Charitable Purposes Bond work?
Three parties are involved in this legally binding agreement, namely:
- Principal – Commercial fundraiser for charitable purposes
- Obligee – State of California
- Surety – the surety bond provider
The Principal’s duty is to obtain this bond and fulfill the bond’s conditions. The Obligee is the party who is requiring the bond. The Obligee will also be the beneficiary of the bond.
The Surety will provide the necessary guarantee that the Obligee requires. The Surety will ensure that the Principal will perform the duties in a lawful manner and that the Obligee will be compensated if the Principal violates the conditions.
If the Principal commits any unlawful act, the Obligee will take action against the bond. Before the Obligee is compensated by the Surety, an investigation regarding the validity of the claim will be performed first. If the claim is valid, the Obligee will be paid. The Principal must reimburse the Surety for all the payments paid by the latter.
How much does a California Commercial Fundraiser for Charitable Purposes Bond cost?
The bond premium will start at 1% of the bond amount for a commercial fundraiser for charitable purposes with excellent credit scores.
The bond amount is $25,000.
Get your FREE QUOTE HERE to determine your bond premium!
How can I get a California Commercial Fundraiser for Charitable Purposes Bond?
Apply for this surety bond HERE! Once we’ve received your application, we’ll inform you about the documents that you have to submit to move forward to the next step of the bonding process: underwriting.
During the underwriting process, our expert underwriter will assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
Our expert underwriter will check everything that you have submitted. Once that’s done, you’ll be asked to sign an indemnity agreement. After that, your bond will be issued and sent to you!
Ready to apply? START HERE!
