American Friends Funds
A cost-effective solution to raise funds in the U.S.
An American Friends Fund provides foreign nonprofits with a cost-effective solution to receive tax-deductible gifts from supporters in the United States. With a Friends Fund, organizations avoid the trouble and expense of setting up their own U.S.-based charity. Myriad USA handles donor support and back-office administration, including tax receipts.
How Does It Work?
Opening your fund
Opening an American Friends Fund at Myriad USA is simple and straightforward. The first step to open a fund is to complete our online application form, providing us with information about your organization, its mission, programs and funding sources. Based on this information, we will determine if your organization is the equivalent of a charity, within the meaning of Section 501(c)(3) of the U.S. Internal Revenue Code, and if its activities are consistent with our charitable purposes. Once your application has been approved, we will sign an agreement establishing your American Friends Fund.
Once your American Friends Fund is set up, you can inform your donors based in the United States that they can support your activities through a contribution to your American Friends Fund. We can accept contributions in cash (by check, money order, or wire transfer) or in appreciated property, such as stocks, mutual funds, cryptocurrency or real estate. We can also accept bequests. Myriad USA will provide you with a dedicated, customizable webpage to receive online donations by credit card. Because Myriad USA is a 501(c)(3) public charity, donors may claim the maximum tax benefits allowed by U.S. tax law for their contributions. We will send each donor an acknowledgement of their donation.
Requesting a grant distribution
You can request a grant distribution from your American Friends Fund at any time through our grant portal. There is a $5,000 minimum for grant distributions from American Friends Funds. Your grant request will be reviewed by our team to make sure that it is consistent with U.S. tax laws and with our charitable purposes. Once approved, we will proceed with payment through wire transfer. It usually takes between two and four weeks between your grant request and receipt of the wire transfer into your bank account.
There is a one-time set-up fee of $1,500 to open an American Friends Fund.
Myriad USA charges a management fee on the cumulative total of contributions received in a fund within a calendar year, as follows:
5% of the first $100,000 of total contributions received
3% of the next $400,000;
1% of the next $500,000; and
0.5% of total contributions received in excess of $1,000,000
Myriad USA does not charge an annual maintenance fee, nor is there a minimum balance requirement.