Fundraising
Minimum Fundraising Requirements
$0 Per Rider
Suggested Goal: $400
In order to participate in the Healing Cycle Virtual Ride, a rider must raise a minimum amount of donations.
In addition to raising funds, cyclists must pay to register for the ride. These non-refundable fees partially cover the event expenses so that the ride donations can go directly to supporting hospice palliative care across Ontario.
Participation
Fundraising Policy
The Healing Cycle has a firm fundraising policy. If you are unable to make the minimum fundraising level for the distance you have chosen you can drop down to a shorter distance that has a lower fundraising requirement. If you sign up within a team, team members cannot compensate for each other if one cyclist falls short in their fundraising. Every cyclist must raise their own required minimum amount.
Hospice team incentive program
When a hospice signs up to create a fundraising team for the Healing Cycle Ride, 85% of the funds raised are donated directly back to that hospice and 15% of funds raised by their team are retained by THCF as an administration fee to help offset the costs of running the event.
Each year, after the ride, the board will review their financial position and decide on an incentive that will be shared by all hospice teams based on the amount they raised. The more your ride team raises, the more they receive from the incentive.
Example:
The riders on Hospice Team A raise a total of $10,000 (of which $8,500 goes directly back to the hospice).
If the total funds raised by hospice teams that year is $100,000, Hospice Team A raised 10% of that total.
If the board awards a total incentive of $20,000, Hospice Team A would receive $2,000 (10%) of the total incentive fund for that year.
In this case, the incentive payout more than covers the 15% admin fee that was initially retained by the foundation.
So why are we doing this?
We really understand that hospices need funds for a lot of things. Rather than continuing with our previous grant process, we felt that this was an easier way to share in our success.
And how do we do this?
100% of the funds donated to individual riders, family teams, and corporate teams, plus sponsorship funds help us offset the cost of running the event and contribute to our fundraising goals. Assuming we run a surplus each year, the board will be in a position to allocate some or all of that surplus to this ‘Hospice Incentive Program’.