This is a proposed whitepaper for a local group called Phoenix Trance Family in which the Bailment Funding Model (BFM) and Bailment Funded Organization is used to fund group activities.
Phoenix Trance Family (PTF) was created and has been maintained as a group of people with similar goals and interests. The thought of anyone profiting from the group, other than bieng fairly compensated for specific work, doesn't fit with the spirit of PTF.
One ultimate goal of PTF is to host events. In order to accomplish this goal PTF will need a means of raising funds. How this could be done is the subject of this Whitepaper.
PTF would like to be a non-profit and be able to collect donations and sell items to fund the group, not have to pay income tax, and have all the money available to use for supporting the group. However, to become a non-profit it requires an expensive and lengthy process, maintaining the status, and bieng approved (which is all in the hands of the government). This is an issue because we have a lack of funds and person-hours and don't want our group model to be beholden to the whims of governmental permission and regulation.
A new form of organization is created. One that leverages common law in order to secure our group model. Contributers enter into a bailment with PTF. Lets call it a Bailment funded organization (BFO) that uses a Bailment funding model (BFM). This will be better for everyone. Ever want to contribute to an organization like PTF but want to specify how your contribution shall be used? This is exactly what a bailment is! The PTF model will work like this:
To get started PTF will run by people volunteering their time and materials to the group for events. People who are inspired to give money to the group will do it in the form of a bailment. What this means is the money is held by the group for the purpose the contributer specifies but if the person who submited the money wishes, they can get thier money back (if it hasn't been spent already). Now PTF wants to hold an event. Those that gave bailment to PTF for the purpose of holding events will be notified that $X of their money is going to be used for the event. If that person wants to opt out of their money bieng used for that specific event, they can. The money that does go toward the event will be dealt out to the DJ(s), venue, etc. PTF will give a breakdown to all the supporters of what the itemized bill for the event was.
Also people can put up bailments (would work similarly to collecting donations) during entry into an event and it is implied that the money will be given to the people providing the services of the event and/or for for future PTF events. Before the money is distributed, the contributer can "get their money back" if they so choose. So basically if the person doesn't like the show, they can get their money back before the event is over.
Everyone who contributes will be given a unique code. This code implies ownership of the amount contributed (like a reciept). You can get a new code with each contribution and be anonymous, or add the contribution amount to your previous code. Codes must be kept secret and safe because anyone who knows the code is assumed to be the owner of the funds. Hopefully the system can ultimatly be automated where you can use a web form to enter your code and see your remaining balance and schedule a withdrawl of funds, generate new codes with some or all of the funds attached to them, or change where your funds are designated to be used.
What is bailment?
https://legal-dictionary.thefreedictionary.com/bailment
Examples of monetary bailment:
https://boards.straightdope.com/sdmb/showthread.php?t=568767
Phoenix Trance Family (PTF) was created and has been maintained as a group of people with similar goals and interests. The thought of anyone profiting from the group, other than bieng fairly compensated for specific work, doesn't fit with the spirit of PTF.
One ultimate goal of PTF is to host events. In order to accomplish this goal PTF will need a means of raising funds. How this could be done is the subject of this Whitepaper.
PTF would like to be a non-profit and be able to collect donations and sell items to fund the group, not have to pay income tax, and have all the money available to use for supporting the group. However, to become a non-profit it requires an expensive and lengthy process, maintaining the status, and bieng approved (which is all in the hands of the government). This is an issue because we have a lack of funds and person-hours and don't want our group model to be beholden to the whims of governmental permission and regulation.
A new form of organization is created. One that leverages common law in order to secure our group model. Contributers enter into a bailment with PTF. Lets call it a Bailment funded organization (BFO) that uses a Bailment funding model (BFM). This will be better for everyone. Ever want to contribute to an organization like PTF but want to specify how your contribution shall be used? This is exactly what a bailment is! The PTF model will work like this:
To get started PTF will run by people volunteering their time and materials to the group for events. People who are inspired to give money to the group will do it in the form of a bailment. What this means is the money is held by the group for the purpose the contributer specifies but if the person who submited the money wishes, they can get thier money back (if it hasn't been spent already). Now PTF wants to hold an event. Those that gave bailment to PTF for the purpose of holding events will be notified that $X of their money is going to be used for the event. If that person wants to opt out of their money bieng used for that specific event, they can. The money that does go toward the event will be dealt out to the DJ(s), venue, etc. PTF will give a breakdown to all the supporters of what the itemized bill for the event was.
Also people can put up bailments (would work similarly to collecting donations) during entry into an event and it is implied that the money will be given to the people providing the services of the event and/or for for future PTF events. Before the money is distributed, the contributer can "get their money back" if they so choose. So basically if the person doesn't like the show, they can get their money back before the event is over.
Everyone who contributes will be given a unique code. This code implies ownership of the amount contributed (like a reciept). You can get a new code with each contribution and be anonymous, or add the contribution amount to your previous code. Codes must be kept secret and safe because anyone who knows the code is assumed to be the owner of the funds. Hopefully the system can ultimatly be automated where you can use a web form to enter your code and see your remaining balance and schedule a withdrawl of funds, generate new codes with some or all of the funds attached to them, or change where your funds are designated to be used.
What is bailment?
https://legal-dictionary.thefreedictionary.com/bailment
Examples of monetary bailment:
https://boards.straightdope.com/sdmb/showthread.php?t=568767
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