A California-based fundraising platform filed for bankruptcy reorganization while owing $29 million to nonprofits, including 20 located in San Luis Obispo and Santa Barbara counties. Many of these organizations are now struggling to pay their bills and support their causes.
Started in 2012, Flipcause is a fundraising platform for nonprofit organizations. The Oakland startup handles donations and provides online storefronts and ticketing for nonprofit fundraisers.
Flipcause charges its nonprofit clients yearly subscription fee of $1500 to $2400 dollars for their services, according to court records. In addition, the platform charges clients 6.9% of each donation plus 30 cents…