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What is the English word for "collecting money for a special event from a group of people"?

For example, say some friends are planing a party. Each one has to contribute some amount of money to the event. What is the word or phrase that can be used to explain this kind of activity?

I have found "fund raising" to have a similar meaning, but I feel it's more along the lines of "collecting money for some charity event". Is that right, and is there a better word I can use?

4

The words whip, whip-round or kitty may work here. The whip or kitty being the account or purse where these group funds are held and from where group purchases are made.

1

How about passing the hat? This implies an informal request for contributions from a group of people.

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