fiscal sponsorships 101

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 – sgraves@cfok.org

Sherrie Schroeder – sschroeder@fmiokc.com Amy Klinge – aklinge@cfok.org

Cheyenne Christesson – cchristesson@fmiokc.com