Fiscal sponsors
Download: Nonprofit Law Podcast #11 (mp3, 6:27)
Shownotes
Intro
Tim Mooney… Welcome to the Nonprofit Law Podcast
Your guide to the laws impacting nonprofits.
Shownotes…. nplawcast.com
Email the show
Fiscal Sponsors
501(c)(3)s that take a new project under its wing to offer tax advantages to the project
Typical route for startup nonprofits
Funds are given to the existing 501(c)(3) for it to control
Agreements in place to ensure the funds that come to the fiscal sponsor are spent on the project
Sponsors are legally allowed to retain a small amount of money for administrative expenses incurred
Many agreements have out clauses if the project is recognized as a 501(c)(3)
Tips
Make sure you have a good agreement
If you are a sponsor, understand that this project is part of your organization
If you are the project, find a good sponsor fit
Resources
Foundation Center: Guide to Fiscal Sponsorship
Free Management Library: Basic Guide to Non-Profit Financial Management
Fiscal Sponsorship by Greg Colvin
Closing
Email me with questions and suggested topics
AP audio & handbook on using the Internet, podcasting and social networking for your nonprofit coming later this summer
Need more than a podcast? Tim-Mooney.com
nplawcast.com
This podcast provides general information about legal topics but it is not a complete discussion of all legal issues that arise in relation to nonprofits nor is it a substitute for legal advice. This podcast does not create an attorney-client relationship. This is general legal information and the contributors make no warranties regarding the general legal information provided in this podcast , and disclaim liability for damages resulting from its use to the fullest extent permitted by the applicable law.
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1 comment:
Tim, I greatly appreciate your service and this podcast is a good example why. However, I think it is important for readers to note there are multiple reasons for fiscal sponsorships:
--new organizations (as you mention),
--activities of short duration,
--activities by individuals (support for artist activities is a common use),
--shared resources (phone reception, fax, photocopies, bookkeeping, etc.) or management assistance,
--landlord/tenant (ArtSpace projects) or other consortia projects,
--public-private partnerships, etc.,
--credentialing of a project by an established organization,
etc.
Thanks for mentioning Greg Colvin's book. I think it's the best thing out there.
Wade Black, ED
Birmingham Pledge Foundation
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