What is a Professional Fundraiser Surety Bond?
These license and permit surety bonds ensure that all funds raised will be allocated for the appropriate and agreed upon purposes as well as documented accordingly and accurately. In the event that a professional fundraiser does not fulfill their obligations to their clients, a claim can be filed against this surety bond for relief.
Who needs a Professional Fundraiser Surety Bond?
Professional Fundraiser Surety Bonds are required for all individuals and organizations hired to manage and execute fundraising campaigns on behalf of charitable organizations. Fundraising consultants, counselors, grant writers and associates all apply as professional fundraisers.
Which states require Professional Fundraiser Surety Bonds?
Pacific Surety proudly offers Professional Fundraiser Surety Bonds in the following states:
- Alabama
- California
- Connecticut
- Florida
- Kentucky
- Maine
- Michigan
- Minnesota
- Mississippi
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Utah
- Vermont
- Washington
- West Virginia
- Wisconsin
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for a Professional Fundraiser Surety Bond?
Bond amounts for Professional Fundraiser Surety Bonds vary and are set by the local rules and statutes regulating the industry. Bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Professional Fundraiser Surety Bond cost?
Pricing for Professional Fundraiser Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Professional Fundraiser Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Professional Fundraiser Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Professional Fundraiser Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Professional Fundraiser Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who does a Professional Fundraiser Surety Bond benefit?
Unlike insurance, which protects your business, Professional Fundraiser Surety Bonds benefit your clients. If the principal’s (professional fundraiser) actions cause any damage, a claim can be filed with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.