Announcing Change's Commercial Co-Venturer Compliance Solution

Change launches the first donations and compliance solution for Commercial Co-Venturers

First-of-its kind compliance tool automates and manages Commercial Co-Venturer compliance, ideal for cause marketing campaigns

SAN FRANCISCO, June 6, 2024 -- Change, the leading donations and compliance solution for scaling cause marketing campaigns, announces today their Commercial Co-Venturer Compliance solution. Change has automated the 20+ state filings and surety bonds required for commercial co-venturers (CCVs), which are classified as for-profit companies that run charitable sales promotions to benefit nonprofits. Paired with their donation processing tool, Change is the only solution that both registers companies as CCVs and facilitates donation solicitation and disbursement.

State Requirements for CCVs

‍Companies are increasingly incorporating charitable initiatives into their business strategies, often in the form of cause marketing campaigns, which have shown to increase checkout conversion by up to 19%. Common examples include round-ups at checkout and percent of purchase campaigns, where a designated amount is donated to charity. The legal requirements that go along with these campaigns can be difficult for businesses to manage, but necessary to ensure transparency for donors and to protect nonprofits. State requirements include registration, a written contract between the for-profit and nonprofit, and extensive reporting.

Automated CCV Compliance‍

Change's CCV Compliance solution addresses these barriers.The entire process is simplified due to their unique approach to managing compliance via a trusted donor-advised fund, Our Change Foundation. Funds are donated first to Our Change Foundation, then re-granted to the selected nonprofits, eliminating the need for CCVs to enter into contracts with every single nonprofit they want to support. Progress can be tracked in the Change dashboard.

Key features of Change's CCV Compliance solution include:

• Automated State Filings and Bonds: Four states require CCV registration, seven require nonprofit contract filings, and two require posting surety bonds before launching campaigns. Change automates this entire process by combining all questions into one questionnaire.
• One CCV Agreement: Change offers a single CCV agreement with Our Change Foundation, reducing legal costs and allowing unlimited nonprofit partnerships.
• A 5-Week Timeline: The entire compliance process can be completed within five weeks, made trackable in a timeline.

Change's approach to compliance ensures that every company performing cause marketing is registered as a CCV. Consumers and regulators alike are able to search in state databases, like Hawaii's or South Carolina's, to check if the company is registered and to discover detailed information about the campaign, like what percentage is being donated to the nonprofit and how much is being retained by the CCV. This transparency protects consumers nationwide, letting them know exactly how their donations are used.

"We created this CCV compliance solution because many states have passed legislation further regulating commercial co-venturers. A lot of companies don't know about these emerging requirements or don't have the resources to handle them. We're here to help companies get compliant so they can concentrate on building great campaigns."
‍– Amar Shah, Co-Founder & President, Change

Learn more about specific CCV state regulations here.

Source: PRNewswire