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Fiscal Hosting with OCF
It has a ton of great information about Features like:
Explainer Video: What is Open Collective
Using funds from your Collective’s budget is simple:
- 3.OCF's team reviews it (confirms that the expense meets requirements e.g. having a valid receipt, amounts match).
- 1.an Invoice for work completed for the Collective;
- Invoices are used to pay people for work completed or their goods/services.
- Within the invoice option, you can either upload your own invoice, or you can create one directly on the platform. You will be able to detail what the services/goods are, and can include multiple items
- When someone uses invoices, they are treated as an independent contractor. If earnings exceed $600 in a year, they will be automatically issued a 1099 tax form to fill out per IRS regulations. (Reimbursements do not trigger the 1099 form). More info about taxes here.
- 2.or a Reimbursement for purchases made on behalf of the Collective.
- Reimbursements are used to pay people (often volunteers) back when they have made purchases for the group - in these cases, receipts are required so that we can ensure the requested amount matches the purchased amount in order to approve the reimbursement.
- Collective admins also have the option of drafting an expense and then sending an invitation to someone else to complete and submit it.
- This is a great option for those admins who know already know exactly how much they want to pay/reimburse someone, and just want to invite them to the platform.
- Sometimes a third type of expense, "Request a Grant" will appear on an Collective's page. This is because that Collective has submitted a grant proposal in order to be able to offer grants. More info here.
- 2.Expenses are processed and paid out by Open Collective Foundation biweekly on Mondays and Thursdays.Our finance team works across multiple time zones, which may mean transaction payments do not process until later in the day.🌏