Trust allows us to cooperate.
How We Operate
Transparency is a necessary foundation for the development of trust between wearecoral, contributors, and artists. Below is every contribution: what's reached the artists you back, and what we're still holding for them until they collect it. The full transaction data is downloadable as a public ledger. Every row carries its transaction id, so contributors can match their own contribution and see exactly where it went, and artists can audit their payouts.
Where the money flows.
Every contribution is tracked, across the community platform and Coral Tickets. These figures come from the same public record you can download below.
Money held for artists sits in a separate, segregated account. It's paid out each month once the artist joins and verifies. If an artist never joins, their funds stay put, collectible whenever they do, and you can refund anything uncollected at any time.
How We Handle Your Coral Payment
When you subscribe to wearecoral, your payment undergoes a transparent allocation process to ensure that funds are distributed safely and efficiently:
- Your contribution is a single fixed amount. Payment processing is deducted from it, never added on top.
- The remaining funds are allocated as follows:
- A platform fee of 7.75% plus GST is transferred to the company revenue account to cover platform operations.
- The remainder constitutes the voluntary creative contribution.
- Voluntary creative contributions are securely managed to ensure they reach the intended artists:
- All contribution funds are held in a dedicated, segregated bank account, separated from the company's operational funds.
- At the end of each month, contributions for onboarded and verified artists are safely transferred directly to their nominated accounts.
- Funds for artists yet to be onboarded remain securely stored in the segregated account, safeguarded until the artist is successfully onboarded.
By maintaining separate bank accounts for artist funds and platform fees, wearecoral ensures a clear distinction between the money allocated for artists and the company's revenue.
Artist Outreach and Distribution
As part of the service provided by the platform, the wearecoral team actively engages in outreach to inform artists of user contributions made to their ongoing creative work. Artists who wish to receive these contributions can sign up to the platform, verify their identity and relationship to the artist profile, and securely receive the funds.
If an artist hasn't joined yet, their contributions wait for them in the segregated account. There's no deadline: the funds stay collectible whenever the artist joins, and you can refund anything uncollected at any time. If an artist tells us they don't want to receive contributions, we reallocate their share to the other artists you nominated, or refund it to you if you nominated no one else.
By implementing these clear and transparent processes, wearecoral ensures that user contributions are handled responsibly and that artists receive the backing they deserve.
Corporate Structure
wearecoral operates as an Australian proprietary limited company (Pty Ltd). We operate multiple bank accounts that maintain a clear separation between the funds allocated for artists and the platform fees that constitute revenue for the company.
Further Information
For more information on our approach, please reach out to hello@wearecoral.org.