2017-04-26 13:02:22 Nonprofit Organizations English Discover how a fiscal sponsor may benefit your new nonprofit organization and how to find one suitable for your company's needs. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/04/Non-Profit-Organization-Manager-Meets-With-A-Local-Company-Head-To-Discuss-Fiscal-Sponsorship.jpg https://quickbooks.intuit.com/ca/resources/nonprofit-organizations/tips-selecting-fiscal-sponsor-new-nonprofit-organization/ Tips for Selecting a Fiscal Sponsor for Your New Nonprofit Organization

Tips for Selecting a Fiscal Sponsor for Your New Nonprofit Organization

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A fiscal sponsor is a nonprofit organization that advances the capacity of charitable projects by providing financial management, fiduciary oversight and other administrative services. Fiscal sponsorships provide a way for potential nonprofit startups to attract donors before reaching tax-exempt status.

When searching for a fiscal sponsor, start by looking for nonprofits with missions similar to yours. You can begin with your present affiliations. Form a list of the educational institutions, professional societies, social and recreational clubs, religious organizations, and any other groups with which you are currently associated, including employers. It is acceptable and the norm for fiscal sponsors to charge an administrative service fee, which is commonly a portion of the sponsored organization’s budget. This fee goes towards the implementation of proper oversight and management of your charitable cause, including costs associated with financial reporting, government filing requirements, audits, insurance and legal counsel.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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