With Community Chest, we’re putting 50% of all event proceeds right into the community, to be used by organizers to support initiatives they think entrepreneurs need. Organizing teams will be able to decide on the use of funds at the time of their event financial wrapup.
We work closely with Community Leaders to help identify opportunities to use Community Chest funds in super effective ways. In every case, the funds are used to support local events, projects, or initiatives that support the local entrepreneurial community.
What can the Community Chest be used for?
Glad you asked! The organizing team decides how to spend the funds based on what they think the community needs. This could be anything from a follow up happy hour to supporting a struggling city on the other side of the world. We’ve been using the Community Chest model for about 2 years now, and here is just a small sample of the amazing ways you’ve put it to use on our Community Site.
Ways your Community Chest can work for you!
- Sponsor a local event for your local entrepreneurial community
- Support a global or local UP Summit
- Support one of our Global Initiatives
How and when do I use my Community Chest?
Using the Community Chest is easy. After all event finances are closed, your organizing team will receive an email listing the available Community Chest balance and provide instructions for how to spend your funds. Here are the points to keep in mind.
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50% of the revenue is put in a fund for the Organizing team to use (after the event). Once the event level finances are closed, your team will receive an email stating the available Community Chest balance. We’ll work work with your team to provide funding suggestions and make sure you have everything set up to use funds easily.
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You need to use your funds within 6 months of your event date. Unfortunately, stagnant funds become a liability if they are left unused and can create problems for our non-profit status. More importantly though, we want to encourage organizers to actually use their funds! If your team does not specify a use, Startup Weekend will donate your funds, on your team’s behalf, to where support is needed most.
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It should be a collective decision amongst your team to decide how you spend your Community Chest. Since putting on the event is a team effort, delegating your funds should be too.
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Community Chest balances are accounted for separately for each event. Your team will not have access to past funds from different organizing groups (unless they give their consent).
Where does the other 50% go?
Good question, the remainder of the event revenue is reinvested in Startup Weekend to support the program globally. These funds specifically enable our team to:
- Build tools to support community leaders around the world (like SWOOP, invoicing tools, etc.)
- Provide event level support to organizers through Regional Managers
- Bring your Community Leaders to Regional and Global Summits
- Grow our program on a global scale. Take a look at our latest Impact report.