1:07 PM PT -- As of 1 PM PT, the GoFundMe for Bain's family has raised a whopping $70k!!! Unreal!!
7:45 AM PT -- As for the NCAA's involvement, one source tells us the NCAA allows schools to conduct fundraisers for student-athletes and their families, "for extreme circumstances that are extraordinary and outside the student-athlete’s control (like natural disasters)."
We're also told, "The proceeds may go directly to the student-athlete and his family, however, the school has to track it and keep record of expenses."
"Excess funds must be given to a charity."
Right after SFA hero Nate Bain hit the game-winner to beat Duke -- fans hit his GoFundMe with $30k in donations to help his family rebuild from the devastation of Hurricane Dorian.
Bain fought back tears during his postgame TV interview -- talking about how much the victory at Cameron Indoor meant to him ... especially after the disaster in the Bahamas.
"My family lost a whole lot this year," Bain said, holding back tears. "I'm not going to cry on TV."