1. What's your giving history?
One a month, starting with our launch month of June 2018, we post the amount we've donated to charity and summarize the impact on our GIVING BLOG. Check it out!
2. How does the charity get paid?
Once a month and no less than once a quarter the company issues a check to the charities representing the causes listed in the app.
3. What charities do you donate to?
The charities we donate to is listed below (each a “Charity” or together the “Charities”). We reserve the right to donate to a different charity representing the same cause, and if we do so, we will update this list of causes with the name of the new charity representing each cause. The list is currently:
- Cause: End World Hunger
- Charity: Action Against Hunger
- Cause: Fight Childhood Cancer
- Charity: Alex's Lemonade Stand Foundation
- Cause: Fight Global Warming
- Charity: Carbon Fund
- Cause: Save the Rainforest
- Charity: Rainforest Trust
- Cause: Feed Rescued Animals
- Charity: Best Friends Animal Society
- Cause: End Child Abuse
- Charity: Prevent Child Abuse America
- Cause: Books for Poor Children
- Charity: Room to Read
- Cause: Clean Water
- Charity: Ryan's Well Foundation
- Cause: Save the Homeless
- Charity: Beyond Shelter
- Cause: End Aids
- Charity: The Global Fund
4. Do you really buy grains of rice and ounces of CO2, etc.?
We really make a donation meant to represent the cost of that number of grains of rice or ounces of CO2, etc. Please note that our expressions of your real-world impact are good faith approximations and may not be exact in each case.
5. How do I know my Readercoin donation to a cause goes to a charity?
At the end of every month, we will post photos of the checks issued for the previous month to our company blog. Also we have a well-respected advisory board of thought leaders, including Jay Scott of cancer-research charity Alex’s Lemonade Stand, and Emily Krueger of Action Against Hunger.
6. Where does the money come from?
We are founded by a serial entrepreneur and self-published author who sold his most recent business for $100 million and cares deeply both about literacy and about the discoverability of self-published authors. We seek sponsors who share our passion. Additionally, we seek Authors who wish to promote their books on Readercoin. We are by far the most cost effective solution for indie authors seeking an audience via giveaways.
7. How exactly do you determine the payout to make to each charity each month?
Within 30 days following the end of a month, we will pay each Charity based on the Readercoin donations made by our users. If, as of the month end, users have collectively earned for the Charities an amount of money that is less than or equal to the Cap, then we will pay each Charity an amount equal to: 3¢ per 6 Readercoin that users donated on behalf of each cause while reading or listening. However, if as of the month end, users have collectively earned for the Charities an amount that exceeds the Cap, then: we will distribute an amount equal to the Cap to the Charities pro rata, in proportion to the amount of Readercoin donated to each of them. This provision is to protect us in the event of people doing more miles than we have sponsorship revenue to cover.
The “Cap” shall be equal to $10,000 plus, for each month an amount equal to the Applicable Rate multiplied by the company’s revenue in the preceding month. The “Applicable Rate” shall be equal to: 10% of the first $100,000 earned by the Company, plus 20% of the Company’s revenue between $100,000 and $200,000, plus 30% of the Company’s revenue over $200,000. Note this sliding-scale Cap structure enables our Cap to grow with our revenue. It also aligns our interests with those of the Charities representing our causes and our users: the more revenue we earn, the more we can pay out.