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Is this a certified non profit organization? And who is in charge of the fund? I would hope it is Hendrick himself. And who has power of attorney over the account and what makes them qualified? What are the checks and balances (umm..like an audit) for the general public to ensure there is no funny business going on? And what is to prevent someone to just disappear one day with the fund? And what is the decision and approval process for distribution of funds to a charity? And who chooses which specific charity to fund?
I think these are all legitimate questions that many people are thinking in their heads.
It is a legimate nonprofit. PhoenixFund is a registered assumed name for Be A Light Foundation, an Oregon corporation that has operated as a non profit for 4 years. I need to publish the bank account information every month, but right now we are waiting on the FXDD account approval for both IB and for trading.
PhoenixFund has a separate bank account. I invited Hendrick to be a board member of the foundation as well as a signer on the account and he declined by not responding to that portion of the email if I recall correctly. He is still invited to have the position.
Other bank account signers besides myself (Ian Smith, treasurer) are Jerry Bahles (CEO/Founder of Be A Light Foundation) and Jenn Bodie (secretary). In order to qualify as an IB with FXDD we needed to provide over 30 pieces of documentation, submit ID for background checks, and a great deal more. Only myself and Jerry Bahles are signers on the FXDD account at this time. In case something happens to me, I would like a trusted 3rd person on the account.
I intend to have a full "Stated use of funds" agreement published, but it basically boils down to 50% of the fund proceeds each month are reinvested to keep the account growing. 50% of the fund proceeds each month are put in a separate holding account and paid out to non-religious nonprofits that meet the UN Development Program goals/guidelines and have published accounting records plus clear use of fund goals. Christian Children's Fund might be eligible (feeding children if no money goes to a church) but Salvation Army is not (they are a church).
All donations have received a receipt with address, tax-ID number, etc. Do you have any specific questions?
I forgot to mention that the only money ever taken out of donations are banking fees. the only benefit I receive is advertising and publicity for my services, like the signature below.
After nearly 2 months of paperwork, PhoenixFund was officially approved as an IB by FXDD. A final discussion with the Director was necessary to validate how PhoenixFund used/treated donations separate from IB based funds.
To absolutely clarify, donations are under control of PhoenixFund, a registered 'doing business as' name of "Be A Light Foundation", an Oregon nonprofit foundation. Listing PhoenixFund as the IB assigns credit and a per-lot traded based referral. (Starting at $2.50 per full lot, scaling up with volume and more accounts.) IB earnings are treated as donated funds (see below).
If donations are made to PhoenixFund directly, the money is treated as belonging to PhoenixFund to be used as its discretion, based on the Charter. (Charter needs to be formally published. Current summary is 50% of the profits by trading each month are reinvested, 50% of profits each month are held in a separate account and distributed on a 1 dollar contributed= 1 dollar distributed basis to nonprofits aligned with the UN Development Program and meeting specific criteria.)
The PhoenixFund bank account still has $1000.69 since no trading has occurred yet.
My contact at FXDD has requested a list of people who have filled out the account application with PhoenixFund as the IB. If you have filled out the application, please let me know the name used in a private message. This will help a lot, since we are now approved. I'd like to confirm we will get credit!
PhoenixFund has a group ID for FXDD IB: 5424 (You can use that instead of the name for the IB Referrer)
PhoenixFund now has a mini-account. I'm going to the bank today to send over the wire transfer. trading will start as soon as the transfer clears.
I updated the PhoenixFund website a lot, and integrated it into the http://bestforextools.com site I was making. Payment information will be updated again and integrated. PhoenixFund has a separate area, but it is using common files for now. http://bestforextools.com/pf/index.html is the direct link.
Wire transfer of $1075 ($1100 - $25) has not posted to the FXDD account yet. We should have a list of IB account members starting Monday.
What are the checks and balances (umm..like an audit) for the general public to ensure there is no funny business going on? And what is to prevent someone to just disappear one day with the fund? And what is the decision and approval process for distribution of funds to a charity? And who chooses which specific charity to fund?
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