fiscal sponsorships 101
DESCRIPTION
TRANSCRIPT
Fiscal Sponsorships 101
Webinar
March 29, 2011
Introductions
• Susie Graves – Executive Director
• Sherrie Schroeder, CPA – Chief Financial Officer
• Amy Klinge – Advancement Director
• Cheyenne Christesson – Administrative Assistant
How this works
If you have a question during the seminar, please use the question option on the right side of your screen.
The webinar is approximately 45 minutes in length.
The Basics
• Types of fiscal sponsorship funds– Emerging non-profits– Specific short term community projects– Charitable activities that are grassroots and
never intend to come to scale
The Basics
• What CFO does for you– Accepts & deposits contributions– Sends donors official acknowledgements– Authorizes & pays expenses– Maintains &reports fund information
Paperwork
• Fund agreement and exhibit A
• Check acknowledgement form
• Payment requests
Fund Agreement & Exhibit A
• Outlines fund advisors and purpose of the fund
• Send CFO updated Exhibit A forms when fund advisors or their information changes or needs to be removed/added
Check Acknowledgement• Acknowledgements are sent to all donors
receiving a tax deduction for his or her donation.
• A notification letter will also be sent to your organization notifying you of the donation.
• Please use the check acknowledgement form every time you are submitting checks.
Payment Request• To be completed for each time payments are
needed from your fiscal sponsorship fund• A few needs:
– Attach supporting documentation (i.e. receipts, invoices, etc.)
– Sign the request– Attach a signed W-9, if required– Submit form by Monday @ 5:00 p.m. for check to be
cut on Thursday
Fundraising
• Promotional Materials and Public Relations
• Quid Pro Quo
• Outside Grants
Promotional Materials
• Promotional materials must be reviewed by CFO staff at least 5 days before publication
• Includes solicitation letters, brochures, invitations, etc.
• Should identify the Fund as “a fiscal sponsorship fund at Communities Foundation of Oklahoma”
Quid Pro Quo
• Payment a donor makes to a charity partly as a contribution and partly for goods or services
• Example: if a donor gives a charity $100 and receives a concert ticket valued at $40, the donor has made a quid pro quo contribution and the charitable contribution part of the payment is $60.
• Fund must relay information about deductibility of contributions before an event, fundraiser, etc.
Outside Grants
• All grant applications must be reviewed by CFO before submitting.
• In general, applications require CFO to be the grantee and the Fund is listed as the project.
Fund Reports
• E-mailed to designated fund holders quarterly
• Lists all gifts and grants that were received or distributed
The 3 I’s
• Insurance
• Irrevocable Gifts
• In-kind Gifts
Insurance
• If you are hosting anything where the public is invited, it is important to determine if your event is covered under the venue’s insurance.
• If not, you need to obtain insurance and name CFO as an additional insured.
Irrevocable Gifts
• Any funds donated to your Fund are considered an irrevocable gift
• “No take backs”
In-kind Gifts
• Businesses often write these off as business or marketing expenses
• If an acknowledgement is needed, CFO can issue letter but does not place a value on the donated goods
Communities Foundation of Oklahoma2932 N.W. 122nd, Suite DOklahoma City, OK 73120
405/488.1450 or toll-free 877/689.7726Fax 405/755.0938
www.cfok.orgSusie Graves – [email protected]
Sherrie Schroeder – [email protected] Amy Klinge – [email protected]
Cheyenne Christesson – [email protected]