One of the frequent questions I receive from our supporters is, “How much of my donation is spent on expenses, and how much is a true donation?” Recently the Foundation office received an email from our credit card processing service which will make a difference in how much of a credit card donation or payment we will be able to use as a donation.
On May 1, 2012 Visa will be assessing a new fee based on the total dollar amount of Visa transactions processed during the month. Based on previous months’ activities the amount the Foundation will pay in fees is likely to be $7.00 to $9.00 over and above the regular fees we are charged by Visa. The MLS Foundation is aware that you want us to act in the most fiscally responsible manner possible, so we feel it is necessary to make you aware of this upcoming cost increase. I understand this doesn’t seem like a significant amount of money but over time it does add up.
You can help in one of two ways.
- Use a different method of payment. Discover and MasterCard do not assess this additional fee. Electronic Funds Transfer (EFT) from your checking account is the most cost effective.
- If you choose to use a credit card, you will have the option to add 2.65% to your charge to help offset the fees the Foundation pays.
Thank you for keeping Michigan Lutheran Seminary and the MLS Foundation in your prayers.
Donor Relations Director
MLS Class of 1996