When do I receive my funds?
We process payments by the end of the second business day every month for the previous month’s donations. In most cases, payments take three business days to reach your account once they are processed, so you can expect to receive payments by the fifth business day of each month. In addition, we send out mid-month payments to Field Workers who have a net balance of at least $1,000.00 by the 15th of the month. Those mid-month payments are processed on the second business day following the 15th and also take three business days to reach your account in most cases.
How often do I get updated on who gave to me?
We send monthly reports with the payments that are processed, which you can expect to receive via email around the same time that you receive your payment into your account. We also send out mid-month reports to anyone that has received a donation by the 15th of the month. We do our best to send out mid-month reports by the 20th of each month. In addition, whenever a donation is made, within 24 hours an automated email called a Daily Digest will be sent to the field worker specified on the donation.
When is the deadline to process donations in order for them to catch the next payment?
We run payments based on donations’ process date. For online donations, this means that your donors can process a donation even on the last day of the month and it would still be included on that month’s payment that is processed on the second business day of the following month. For check donations, we check our P.O. Box and run our final deposits on the last business day before the period ends, and any checks that we receive in that timeframe will be included in the next payment.
Am I immediately notified when someone gives to me?
Within 24 hours of a donation, you will receive what is called a Daily Digest. This Daily Digest email informs you of who gave and how much. This is an automated email that you receive within 24 hours of a donation.
Can my donors write checks to me?
Yes! Please have your donors write out their checks to “Modern Day” and include a note inside the envelope that specifies that the donation is for you. Here is where to have checks mailed:
Modern Day – P.O. Box 535578 – Grand Prairie, TX 75053
Does Modern Day have any fees?
Yes, Modern Day has a 6% administration fee for all donations. If the donation is made online, there will also be a small processing fee applied. Those fees are: 1.2% for eChecks and 2.7% for credit cards (for AMEX, 3.7%). Donor’s are given the opportunity to pay for the 6% administration fee and approximately 20-25% do so.
Are donors issued receipts after making a donation?
Yes! All donations made online are issued an instant receipt via email, and receipts for check donations are mailed to the donor as soon as we’ve processed their check.
Will my donors receive an end of the year tax contribution statement?
Yes! We will email or mail out end-of-year contribution statements in January of the following year to all donors that gave $250.00 or more that year. In addition, our donor software allows for the donor to access the report. We can email or mail out statements to anyone below that threshold as well based on request.
Does Modern Day ever hold funds?
In general, all funds are dispersed every month. There are several cases where Modern Day would hold funds. It is the Modern Day policy to hold back funds if a Field Worker is not yet on the field or has become inactive in their field of ministry that they applied. In addition, we have established a $4,000 monthly limit. Funds in excess of $4,000 would be held back until the following month. In special cases, a field worker can request the release of the excess funds. Our finance committee reviews the request and approves it on a case-by-case method. It is likely that documentation (most likely receipts) would have to be provided. **If you know that you will consistently be needing to raise over $4,000 per month, then a one-time monthly budget will need to be submitted to our financial committee for approval.
Does Modern Day have an application fee?
Yes, we have a one-time application fee of $60 that is paid upon the submitting of your application online. If you mail in your application, we ask you include a $60 check made out to Modern Day Missions.
What about taxes?
Unfortunately, Modern Day is not able to provide advice on how to handle taxes. Keep in mind that you will receive a 1099 at the beginning of next year. Keep track (with documentation) of your business related expenses so you can write it off your personal taxes. Also, we want you to be aware of and prepared to pay approximately 15% for social security taxes on the income after your business deductions are taken out. Then, depending on your family situation and other deductions, be prepared to pay federal income taxes. Please consult with your tax advisor for specifics on your situation.
How can I transfer shares of stock, give a stock certificate or through a mutual fund?
You transfer appreciated stocks and securities you have owned for more than one year to Modern Day Missions. We sale your securities through our brokerage account with TD Ameritrade, apply the funds to the appropriate associate or project and receipt you for the market value when they are sold.Transferring appreciated stocks and securities results in an income tax deduction for the fair market value of the securities on the date of transfer, no matter what you originally paid for them. In addition you pay no capital gains tax on the transferred stock.Your broker can use the information below to make the transfer:
Modern Day Missions
Account # 863520733
P.O. Box 535578
Grand Prairie, TX 75053
76051DTC Number: 0188
200 South 108th Avenue
Omaha, NE 68154
You can reach us by phone at 469-994-7008 on Monday – Friday from 9 am to 5 pm CST.