FOR IMMEDIATE RELEASE PEARL JAM FAN CROWDFUND CAMPAIGN LAUNCHES NEW WEBSITE

BCBA

here is a question that I have seen asked a few times. Your "Vendor" charges 2.5% for their service. You said you are going to charge people/withdraw money at $100K and present it to "band management". Does this 2.5% gets charged at that time and people wont see that back even in the case the band declines?

Also, where will the remaining $97,500 be kept in the meantime while people are waiting for the thing to go toward your other stated goals of $500K or $1 Million?

whispering hands

We'll good luck then.. I open you get this done.. But I hope not too, just cause everybody and their dead grandma is gonna be all over this idea like Herpes on a hooker if you DO make it.

october22

I wish these guys luck. Seriously. They should replace the guy who's been speaking for them though as he's a pretty unlikable curmudgeonly ogre, but if they can actually pull this off, that would be pretty awesome. I give them credit for trying and I don't "feel bad" for the band for a second. That's probably the most absurd sentiment of this entire thread.

ivegotcookies

BCBA said:

here is a question that I have seen asked a few times. Your "Vendor" charges 2.5% for their service. You said you are going to charge people/withdraw money at $100K and present it to "band management". Does this 2.5% gets charged at that time and people wont see that back even in the case the band declines?

Also, where will the remaining $97,500 be kept in the meantime while people are waiting for the thing to go toward your other stated goals of $500K or $1 Million?

We are working with Tilt now to increase the 100K threshold so no one gets charged. We are feverishly making that change now. The money will always stay with Tilt until it hopefully goes to Pearl Jam.

2-feign-reluctance

The Tilt website says if you meet your fundraising goal - the money gets direct deposited to you. At least that's how most of these things go. I'm on Indiegogo and our campaign funds go straight to my bank.

2-feign-reluctance

2-feign-reluctance said:

The Tilt website says if you meet your fundraising goal - the money gets direct deposited to you. At least that's how most of these things go. I'm on Indiegogo and our campaign funds go straight to my bank.

So if I'm reading this right - and I could be very wrong here. You are essentially the accountant for the funds. You can withdrawal some, transfer some. But either way, looks like Tilt doesn't hold onto your money indefinitely, which to me might mean you'd have to have this all set up before the campaign is over. Again, could be wrong on this.

2-feign-reluctance

Unless pledgers are comfortable with you holding onto $100k of their money while you 'work it out' with the band?

Suziemay

ivegotcookies said:

They were removed the first night and we apologized profusely for that. They even joined our group again and got their own questions answered. They need to start letting it go I'm sorry. If we lost you we lost you, now let us move on.

I was trying to stay out of this, but when I see responses like this from the person behind a Pearl Jam fan initiative, I get livid. No, THEY do not need to let go, and honestly, they do not need to do anything at all. It is YOU who are asking for support from the fans, so YOU need to change the way you are handling and resolving conflict and frankly, how you are going about promoting this. I really hope Pearl Jam and the general public do not think you are representative of Pearl Jam fanbase, because you have been handling this poorly from the start, and it's not getting any better. Based on your post above, I don't think you care what I think, which is totally fine with me, but don't expect that this is the type of attitude that will make your initiative a success.

2-feign-reluctance

https://us.support.tilt.com/hc/en-us/articles/200612789-How-do-I-collect-the-funds-

ivegotcookies

We are increasing the threshold please read. 2-feign sorry to have disappointed you. This idea is not for you.

BCBA

why in the article I just read... you state that $100K is the goal?

ivegotcookies

Suziemay said:

ivegotcookies said:

They were removed the first night and we apologized profusely for that. They even joined our group again and got their own questions answered. They need to start letting it go I'm sorry. If we lost you we lost you, now let us move on.

I was trying to stay out of this, but when I see responses like this from the person behind a Pearl Jam fan initiative, I get livid. No, THEY do not need to let go, and honestly, they do not need to do anything at all. It is YOU who are asking for support from the fans, so YOU need to change the way you are handling and resolving conflict and frankly, how you are going about promoting this. I really hope Pearl Jam and the general public do not think you are representative of Pearl Jam fanbase, because you have been handling this poorly from the start, and it's not getting any better. Based on your post above, I don't think you care what I think, which is totally fine with me, but don't expect that this is the type of attitude that will make your initiative a success.

OK. Fair enough. I wish you guys well.

ivegotcookies

BCBA said:

why in the article I just read... you state that $100K is the goal?

It's a milestone goal. Not the end result.

2-feign-reluctance

ivegotcookies said:

We are increasing the threshold please read. 2-feign sorry to have disappointed you. This idea is not for you.

You are speaking to a lot of potential donors on here OP. I'm not disappointed, I'm curious. If you are successfully funded, all the money goes to your bank, since you are running the campaign right? Tilt doesn't hold money in limbo - in fact the FAQ says you need to enter in bank information at the start, or before its over.

hedonist

october22 said:

I wish these guys luck. Seriously. They should replace the guy who's been speaking for them though as he's a pretty unlikable curmudgeonly ogre, but if they can actually pull this off, that would be pretty awesome. I give them credit for trying and I don't "feel bad" for the band for a second. That's probably the most absurd sentiment of this entire thread.

Thank you!

I'm also impressed by various legitimate questions being blown off.

Feel-good thread of the month

BCBA

it looks like they (Tilt, not the organizer(s)) also skim 3% off of credit cards? ouch

2-feign-reluctance

You will also have to pay taxes on this money - so if its in your name, you'll have to pay on it next April. They have special tax forms for people that do these things and are a not for profit org.

BCBA

2-feign-reluctance said:

You will also have to pay taxes on this money - so if its in your name, you'll have to pay on it next April. They have special tax forms for people that do these things and are a not for profit org.

I wonder how that does work...

Does all that money technically become "income" for Ivegotcookies? and essentially he is "buying" a concert if the band agrees to it? In that case, yeah, I guess he would have to report that money... I think.

MayDay10

that tax thing is a good concern. No idea how that would work. Im sure Uncle Sam would want something though.

2-feign-reluctance

2-feign-reluctance said:

You will also have to pay taxes on this money - so if its in your name, you'll have to pay on it next April. They have special tax forms for people that do these things and are a not for profit org.

Again, IF this campaign gets fully funded. I looked into how to set these things up for a few months before starting one for my band and there are legit questions I (you) have to answer as you started it all. I'm not wishing ill will on you whatsoever, it appears you have a pretty simple answer if it doesn't work out, but what if it does? These are the things people who put hard earned money in would want to know - at least that's been my experience so far on Indiegogo. I had to break down an entire budget showing where every dollar would go and what people would get, specifically, for a certain level pledge. This took a lot of thought and research, months worth of finding out costs. Good luck to you all - no more commentary from me.