The Fundraising Regulator has confirmed that its levy on fundraising spend has generated £500,000 for the month of October, meeting the target set out in its business plan.
While the Fundraising Regulator would not reveal which charities have so far paid the levy, a spokesman for the regulator confirmed that the levy had raised £500,000, achieving the target set out for the month of October in its business plan published in September.
The regulator has been sending out its invoices in staggered “waves”, starting with the largest charities which fall into the top brackets of the levy and working its way down. The spokesman said the Fundraising Regulator have sent out four sets of invoices, and that a further two waves are due to be sent “in the coming weeks”.
Around 2,000 charities across England and Wales will be expected to contribute to the levy before the end of the year.
The Fundraising Regulator’s business plan, which was published in late September, forecast that the levy would raise £500,000 in October. The regulator’s next target for November is £600,000; with a further £750,000 forecast to be raised by the end of December. The Fundraising Regulator hopes that the levy will generate £2.4m worth of income by January 2017.
The business plan budgets for the Fundraising Regulator to have a surplus of around £500,000 by March 2017 – over £300,000 less than was originally forecast in a draft copy of its budget seen by Civil Society News in June.
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