Q: Is it expensive for companies to participate in Philanthro-Phone?
A: Business customers pay nothing to participate in the Grant Program. A portion of Victory’s revenue derived from clients that participate in the program goes toward providing telecom service grants to nonprofits.
Q: How long does it take for a business customer to generate funds that can be used for a nonprofit grant?
A: Nonprofits will begin accruing grant funds when a business customer pays its first monthly bill and for each paid bill thereafter for the life of the customer relationship — whether the business relationship lasts for the initial 3-year term or 20+ years.
Q: What is the total value of service grant funds that a nonprofit can receive?
A: The number is unlimited: it will solely depend on the number of companies that have asked that their funds be directed to that particular nonprofit's telecom grant "account."
Companies can request that funds exceeding what is needed by their nonprofit beneficiary (if they have selected one in particular) accrue and be held for that nonprofit’s future use — or that any grant funds that are unused by their nonprofit at the end of each month be put into the general grant fund.
Q: How is the grant money generated from purchase of communications services tracked?
A: Philanthro-Phone, as a business unit of Victory, will maintain its own financial records and publish its own annual report at the end of each year. The report will detail the funds generated by each business customer, grants received by each nonprofit recipient, as well as details regarding the services provided and the impact the program has had on the nonprofits involved.
Q: Can a corporate customer have multiple beneficiaries participating?
A: Yes, large business customers can direct the grant funds generated by services they purchase from Victory to multiple nonprofits or permit the Grant Program to use the funds for nonprofits that apply for grants on Victory’s website.
Q: Who is participating now?
A: Although Victory has been in business for approximately 20 years this is new a program. We look forward to completing our first telecom services grant shortly after the official launch of Philanthro-Phone.
Q: Is someone from Philanthro-Phone available to make a presentation at my office?
A: Yes, we would be happy to meet and present the program.
Q: What happens if the grant money derived from my business does not cover all of the telecom and data services that a nonprofits requires?
A: We expect that we will encounter a number of instances where a business customer wishes to direct the grant funds that are generated by their purchase of services from Victory to a nonprofit; however, those funds only cover a portion of that nonprofit's communications costs.
In such an instance, Victory can bill the balance at extremely favorable nonprofit pricing. The nonprofit can continue to look for additional corporate partners and Philanthro-Phone will put it on its list of nonprofits seeking general grant funds.
Q: What happens if a corporate partner goes out of business and stops paying its telecom bill?
A: Although we hope for the best, occasionally unfortunate things do happen. Victory plans to grow a contingency fund that can be used as a 60-day bridge for nonprofits if they ever find that a corporation that that is supporting them through Philanthro-Phone goes out of business.
On a very positive note, the nonprofit will have already free equipment and will only be looking for funds to cover the cost of its services, which will be billed at Victory’s actual cost. Given that the equipment is paid for and it would only be responsible for services at Victory’s actual cost, it would be nearly impossible to find less expensive paid communications services than under this scenario.
Q: Can a business switch beneficiaries at any time?
A: A business may switch beneficiaries at the conclusion of the initial term of its 3-year contact if they provide the nonprofit that is currently receiving their grant funds from their relationship with Victory at least six months prior notice.