Crowdfunding | Vancouver, BC | Founded: 2011 | Employees: 57 | www.chimp.net
PHONE: (877) 531-0580 | LINKEDIN PROFILE | CRA PROFILE
Last updated December 29, 2018 | To download a PDF version, click here.
Company Overview
CHIMP (Charitable Impact Canada) is a Canadian Registered Charity (Public Foundation designation) that provides a platform to Individuals, Workplaces, Groups, and Philanthropists with tools to manage all their charitable giving needs through a free giving account, which act as donors’ private foundations.[1] They work with charities to discover new donors, increase donor engagement, and make it easier to fundraise for their organization.
[1] https://biv.com/article/2017/12/john-bromley
Senior Management
John Bromley: Founder & CEO (2011-Present). Previously: Executive Producer, Safari Films (2005-Present); President, Peer Giving (2009 – 2016); Vice President, Benefic Group (2006-2013); Sr. Associate, RBC Capital Markets (2004-2005); Senior Associate, PriceWaterhouseCoopers (2001-2004). Education: B.Comm., Finance, McGill University (2001).
Clif Bromley: VP, Technology & CTO (2011-Present). Previously: CTO, Peer Giving Solutions (2010-Present); CTO, Benefic (2010-Present); Principal, Clif Bromley Consulting (2010-Present); CTO & Co-Founder, Sasamat Blue Services (2010-2017); Software Systems Architect, Rockwell Automation (2005-2009). Education: B.Sc., Computing Science, Simon Fraser University (1990).
History
CHIMP started on the belief that being charitable in Canada, with over 85,000 charities, is complicated for individual donors. The founders set out to drastically simplify the giving process starting in 2011, while they were running their startup Peer Giving Solutions that provided a web-based tool to help charities raise more money.[2] They created a way for everyone to set up their own charitable foundation along with tools that enabled them to give to and fundraise for any registered charity in Canada on their own, with family and friends, and through social networks.
[2] https://chimp.net/our-story
Funding
There is no public information available with respect to funding. It can be presumed that CHIMP was funded through initial donations and bootstrapped by John & Clif Bromley, who had the complementary skills needed to build the organization from the ground up.
Key Corporate Developments
Press releases: https://chimp.net/press
Jul 18, 2014: CHIMP Powers Donations for Clara Hughes & Bell Let’s Talk Fundraiser
Apr 21, 2017: CHIMP & Angus Reid Institute Partner to Release Study on Charitable Giving in Canada
Business Highlights
Strategy
CHIMP’s value proposition to individuals makes it the ideal way to donate to charities in Canada:
- Low Cost: CHIMP offers the lowest possible cost to donate online. Their charity accounts have no minimum balance and no cost to open an account, deposit money, or transfer to family and friends. They recover some of the cost of processing payments, something individual donation-accepting charities cannot do.
- Additional Options: CHIMP allows individuals, groups, and philanthropists to donate a wide variety of asset classes, including publicly traded securities, life insurance, private company shares, and estate gifts.
- Breadth: CHIMP allows donations on their platform to all registered charities in Canada, providing each donor a platform with unparalleled access to causes and organizations they wish to support.
- Financial Convenience: Individuals managing their donations through CHIMP receive one auto-generated Tax Receipt upon deposit of money into their account. Donors do not need to keep track of tax receipts for each individual donation at each charity.
- Education: Individuals can use the platform to quickly and easily access official information and data, as opposed to finding this information by navigating through the CRA’s website.
- Social Giving: Easily facilitate giving between family and friends by creating Giving Groups that leverage social networks to support charities that an individual is interested in supporting.
CHIMP’s value proposition to charities makes it the ideal way to fundraise in Canada:
- Low Cost: CHIMP lowers processing costs relative to other options, meaning more impact for each dollar raised.
- Operational Ease: CHIMP’s platform automates much of the work that goes into fundraising campaign, such as issuing tax receipts, sending thank you notes, managing large gifts and organizational giving, and easily facilitating donation matching programs with key partners.
Products/Pricing
- CHIMP Account: Individuals deposit cash or other assets to donate when and where they want. There is no administrative or handling fees. They pass on transaction fees from banks and credit cards but provide the option for the donor to cover 100% of this fee.[3]
- CHIMP Investment Account: Lets high-net-worth individuals, organizations, and philanthropists have their financial advisor invest and manage charitable assets until the donor is willing to give to the chosen charities. CHIMP essentially establishes and operates a charitable foundation on their behalf, providing the administration, systems, and oversight required. The annual fee is 0.5% for an account balance less than $1 million and 0.25% for an account balance greater than $1 million and is capped at a maximum of $15,000 regardless of account balance.[3]
[3] Company Website
Technology
CHIMP uses APIs to automate the deposit process with partnered charities and financial institutions. Traditional software is used to run the platform.
Distribution/Logistics
CHIMP’s product offerings and services are exclusively digital and offered through the web.
Marketing
CHIMP primarily performs marketing through word-of-mouth, network effects, and social media exposure as well as through their client and business development teams.
Competitors
CHIMP does not compete with individual charities. Their competition is other non-profits that perform a similar platform:
- CanadaHelps.org – (Toronto, ON) CanadaHelps is a technology provider that helps small and medium sized charities to collect donations online. Their fees are 4% per individual donation.
- GlobalGiving.org – (Washington, DC) GlobalGiving connects nonprofits, donors, and companies around the world support the causes they care about locally and globally.
Corporate Profile Created By: Nick Vukelic, Ivey HBA & Engineering 2019