International Day Of Education 2023: Know The A To Zee Of Crowdfunding (Part 1)

The Universal Declaration of Human Rights is a milestone document in the history of human rights. For the first time, fundamental human rights were set out to be protected and were translated into 500 languages.

The right to education is enshrined in article 26 of the Universal Declaration of Human Rights which calls for free and compulsory elementary education. According to the United Nations, Education is a human right, a public good and a public responsibility. To look at education from a broader perspective, The United Nations General Assembly declared the 24th of January as the International Day of Education, in celebration of the role of education in peace and development.

Why is International Education day celebrated?

According to data from the United Nations, about 244 million children and adolescents around the world are out of school; 617 million children and adolescents cannot read and do basic math. The situation is even worse for marginalised and vulnerable communities around the world. Hence, International Day of Education is a call for action — bringing individuals, leaders, social and political organizations, and policymakers to take necessary steps for ensuring that primary and secondary quality education is given to one and all. 

Source: Freepik.com

What Is The Theme For the International Day Of Education 2023? 

Sustainable Development Goal 4, aims to “ensure inclusive and equitable quality education and promote lifelong learning opportunities for all” by 2030. Education is the backbone of the economic and social development of any nation. 

Quality education is the key to living an independent and dignified life. Globally, there is a 9% increase in hourly earnings for every extra year of schooling. The year 2023 is the fifth year of the celebration of the International Day of Education and the theme for 2023 is “to invest in people, prioritize education”.  

What Can We Do? 

Imparting necessary quality education is not limited to educational institutions alone; each of us has a duty to play as well. What most of us likely take for granted is that each one of us can learn something new every single day to equip ourselves to deal with some of the common social problems. ImpactGuru, India’s leading medical crowdfunding platform aims to contribute to the International Day Of Education in a unique way by educating people and creating awareness around the practice of Crowdfunding. 

Source: Freepik.com

Crowdfunding is gaining more and more popularity in the current times. From funding startups,  making transplants possible to fundraising for disaster relief and supporting one’s educational dreams - crowdfunding is receiving support from people all over the world! The multi-billion dollar global crowdfunding industry is growing at a huge pace annually. Yet the questions surrounding it are many! To understand and take full benefits from the idea of crowdfunding, one must understand what it is.

What Is Crowdfunding? 

Crowdfunding is when a large number of donors, each typically contributing a relatively small sum, come together to meet a big goal amount to support a cause. Crowdfunding can be used for various causes - including medical, creative, personal or even entrepreneurial.

Before answering more common questions about crowdfunding, 

here are a few terms that one needs to know: 

1. Campaigner- Now, there are two important stakeholders when it comes to crowdfunding and one among them is the campaigner. A campaigner is a person who starts a fundraiser (also known as a campaign), either for themselves or on behalf of a friend, family member or acquaintance. A campaign is a cause/venture and/or a project that one seeks funds for, through crowdfunding. 

2. Donor- The other stakeholder involved in crowdfunding is the donor. The donor is the person who chooses to support a cause/project by contributing towards it. Donors donate towards their chosen cause as per their wish and help the campaigner raise the required funds.

3. Beneficiary: Any individual who will be directly benefited from the raised funds is a beneficiary. A beneficiary can be a patient seeking urgent medical treatment or a child who is looking to get funds for their higher education or an entrepreneur who needs assistance with their start-up. 

Source: Unsplash.com

4. Donation- Donation is the sum of money a donor contributes to a campaign. Under Section 80G of the Income Tax Act, all donations made to charities and non-profit organisations are exempted from tax deductions. In fact, online crowdfunding platforms like ImpactGuru make sure that donors rightfully get 80G tax exemptions on their donations.

Now that we have covered the basic terms associated with crowdfunding, how about delving into the intricacies of crowdfunding by answering some of the most commonly asked questions here: Answering All About Crowdfunding! 

“A little knowledge is a dangerous thing” - Alexander Pope