University Donation Program
Here’s how it works. When people download ScanSee’s app and sign-up, they have the opportunity to specify which eligible university they want to support. The eligible universities are listed as choices in the app and below. ScanSee gives 50% of its profits* to these universities based on the number of people selecting them. It’s just that simple. For example, if 10,000 people selected University A, 40,000 selected University B and 50,000 selected University C, the total number selecting universities is 100,000. Consequently University A would get 10% (10,000/100,000), University B would receive 40% (40,000/100,000) and University C would receive 50% (50,000/100,000).
Continuing with this example, let’s suppose 50% of ScanSee’s profits are $1 million. University A would receive 10% ($100,000), University B would receive 40% ($400,000) and University C would receive 50% ($500,000).
It is important to note that the size of a university’s enrollment or alumni is not related to the amount of money going to any particular university. It is very possible for smaller universities to receive more money than larger universities – if they have more downloads naming their university! May the best university win!
In addition, and out of the 50% to be donated, ScanSee plans to set aside funds to be matched by other individual and corporate donors effectively leveraging the total amount given to all universities. More on the matching funds program later.
Now, about how the 50% is calculated. First it is important to recognize that ScanSee is not aware of any company that was founded for the primary purpose sustainably supporting education, much less giving 50% of its profits in support. Likewise, not many investors are interested in placing their money with a company that gives 50% of their profits away. One potential investor asked, “Are you guys nuts?”. Clearly investors require a return on their investment or they simply will not invest. Therefore, ScanSee treats this cost as a necessary “cost of doing business” and subtracts this amount as it would any other cost of doing business.
*So, here is how we calculate Profits: From Revenues (Sales) we subtract (1) operating costs, (2) interest expenses (bank and investors), (3) depreciation, (4) taxes (federal, state and local) that would apply as if we gave nothing away, and (5) any amounts required to attract investment capital. This method is pretty standard accounting practice with the exception of how we treat (4) and (5). Since ScanSee gets a tax reduction credit for only a part of the funds given away, the taxes are treated “as if” we gave nothing away. Likewise the return on investment to investors is included in the calculation since otherwise they would not have invested in ScanSee and thus there would be no profits to give away. The other 50% is used to grow the company so that we can give more money away each year. So, there you have it.
If you have questions on this, please contact Roy Truitt at: email@example.com
We Are Different.
ScanSee donates 50% of its profits to higher education.
As a matter of fact, ScanSee was founded for the purpose of benefiting education.
Costs in education continue to increase, while funding declines.
By using ScanSee, retailers, suppliers and consumers directly raise money for higher education, as 50% of profits go to qualified universities and colleges in the U.S.
What We Don’t Do.
ScanSee does not share consumers’ private information with anyone, ever. But, we do provide a variety of aggregated marketing information to participating customers. Your privacy is important to us and we have a strict policy to protect you, the consumer, and all of your activity. We do not share, unless you choose to share. It is as simple as that.