encouraging, facilitating and rewarding volunteerism
What's it all about?
How does it work?
Why is it needed?
Is it secure?
Is it a charity?
The good loop is a charitable project designed to connect charities, volunteers and merchants who want to give back to their local communities. We have not yet fully launched but you can sign up below to get more information or to help.
Thanks so much for signing up! We'll be in touch soon with more information.
The good loop was specfically created to solve the following problems:
- Charities have trouble finding new volunteers to help with projects.
- Charities don't have big budgets for advertising their mission and needs.
- Charities have to hire staff specifically to organize and manage volunteers.
- Charities have constantly changing needs regarding volunteers.
- Charities don't have any budget to incentivize volunteers to help.
- Charities need constant donations to keep their mission alive.
- Volunteers have trouble finding charities with specific needs for help.
- Volunteers can't sign up for small projects that they can do in their free time.
- Volunteers aren't rewarded for the time they spend helping charities.
- Merchants don't have a simple way to give back to people who volunteer.
- Merchants usually have to donate profits to give back to the community.
- Merchants don't have a way to advertise to socially conscious customers.
The good loop platform has a closed loop Credits system that powers the rewards. One of the key requirements is that this Credits system must be very secure and not allow any fraud. This includes the Credits wallet that each charity, volunteer and merchant will have in their good loop mobile app.
The platform has been specifically designed for security with these protections:
- All mobile app accounts will have a password and must be verified by SMS.
- All mobile app accounts will also be given a multi factor authentication fob.
- All transactions will require encryption that is powered by the MFA fob.
- All Credits transfers can loop in only one direction and as described below.
- Charities can only designate their Credits as rewards for volunteer tasks.
- Charities can only reward volunteers with Credits after they complete a task.
- Volunteers can only pay merchants with Credits for goods or services.
- Merchants can only donate Credits to a charity of their choice.
- Volunteers can NOT trade Credits with other volunteers.
- All Credits transactions will be audited on the server to detect misuse.
The good loop will be created as a not for profit company but with specific goals and rules like those typically found in benefit corporations. It will also apply for 501c3 tax exemptions. The rules that will govern the good loop are listed below:
- Completely transparent financials: monthly disclosures of donations, expenses, salaries and account balances.
- Minimal administrative overhead: target administrative costs to not exceed 5% of annual donations and minimize service expenses.
- The good loop participant: the company will also be a participating charity in the good loop, minimizing staffing requirements.
- Donations without restrictions: all donations to the good loop must come without conditions, including non-monetary benefits.
- Excessive donation balance: at the end of each year, corporate balances in excess of the projected 3 year operating costs will be donated.
- Annual coalition summit: host a public summit for all good loop coalition members to receive updates and receive answers to questions.
- Mandate coalition integrity: investigate allegations of misuse and remove members who use the good loop for purposes outside our mission.