CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

profitable projects, which requires special knowledge and skills of fundraisers, which can influence the contributor to make a positive decision. The subjects of fundraising are non-profit organizations (NPOs) that search for sources of funding and collect funds for the implementation of projects ( ɑɟɪɧɹɜɫɶɤɚ et al., 2013). Forms of fundraising traditionally include writing grants, searching for contributors, charity events, direct marketing, and mass media marketing. Forms of fundraising require a considerable time investment, especially for building and developing relationships with private or corporate contributors, who have large capitals. Some of these methods also require a significant amount of knowledge ( Ʉɨɪɧɟɟɜ et al., 2015). For fundraising, direct marketing and mass marketing are most often used for a short-term campaign. However, they require financial invest- ments, because any advertisements in magazines, newspapers, radio, or television are paid. Direct marketing tools are cheaper than mass marke- ting tools, and usually include email marketing, flyers, etc. At first, fundraising was a traditional offline way of raising funds, and crowdfunding became a continuation of fundraising with an «online» aspect, and support for social media in the implementation of projects. In Ukraine, as in some other post-Soviet countries, fundraising started to be used in the early '90s. with the appearance and rapid development of non-profit organizations whose activities are aimed at solving socially important tasks. Such financial cooperation between the non-profit sector and business is widespread in solving problems in the social sphere, science, education, and culture. The main organizational and legal form of fundraising is a private charity and public funds. Such funds have a narrow focus, a limited range of grantees, and their programs usually do not go beyond the country ( Ʉɨɪɧɟɟɜ et al., 2015). Nowadays, as evidenced by the study of theory and practice, the difference between fundraising and crowdfunding is becoming less clear. The biggest difference is that fundraising is always unprofitable, while crowdfunding can be both profitable and unprofitable. Many scientists have studied the essence and trends of crowdfunding development. For example, B. Hallen and K. Eisenhardt investigated the development of strategic collaboration between organizations that initiate projects and communities that are interested in implementing them (Hallen et al., 2012). Research of K. Miller and co-authors was conducted to analyze the influence of community representatives who serve as project promoters (Miller et al., 2009). 14