In(form)ed Fiscal Sponsorship Services FAQ

 

Q:        Will we be able to keep our unique branding, logo, and name?

A:         Yes, but all contracts, communications, and other official documents must indicate that your initiative is a project under Community Shares of Mid Ohio/In(form)ed. We recommend that you use the following language on your materials: “[Initiative Name], a fiscally sponsored project of Community Shares of Mid Ohio/In(form)ed.”

 

Q:        For the Fiscal Sponsorship, what if donors or foundations write checks to my project, rather than to In(form)ed or Community Shares?

A:         In(form)ed/Community Shares will endorse the check over to Community Shares and deposit it into your project’s bank account.

 

Q:        How long does it typically take to set up our Fiscal Sponsorship arrangement through In(form)ed?

A:         From the time we receive the completed application and initial deposit check, it takes approximately two weeks to onboard a new Fiscal Sponsorship Project.

 

Q:        How long does it typically take to get reimbursed for a purchase I’ve made on behalf of my project?

A:         It takes approximately nine (9) business days, from the time a copy of the receipt and the completed reimbursement form, for individuals to receive their reimbursement check by mail.

 

Q:        Can In(form)ed issue a tax-deductible receipt for donations made to our project?

A:         Yes.

 

Q:        Can our project use a service such as Square to accept credit card payments?

A:         Yes, it will need to be linked to your project’s Community Shares bank account routing and account numbers.

 

Q:        How do I get reimbursed for project expenses?

A:         Each project must assign a Treasurer or Project Manager, who has the authority to approve reimbursements on behalf of your project. That individual sends Community Shares the approved invoices and receipts, and Community Shares issues the payment from your project’s bank account.

 

Q:        Does our project have to have a board, like a nonprofit? Or does In(form)ed/Community Shares act as our board?

A:         In(form)ed and Community Shares require that all Fiscal Sponsorship Projects have an official Project Manager, plus an advisory group of three to five individuals, who are also listed on the Fiscal Sponsorship Agreement.

 

Q:        We started out as a Fiscal Sponsorship Project under In(form)ed/Community Shares of Mid Ohio. We now want to become our own nonprofit (or other entity type, such as LLC). How do we accomplish this?

A:         In(form)ed is happy to help you transition to whatever separate entity your project chooses. We can assist with filing all of the appropriate paperwork and help to close your project’s bank account.

 

Q:        Does our project need to carry insurance?

A:         Insurance coverage is included as part of In(form)ed’s standard Fiscal Sponsorship Agreement. However, if a project already carries its own insurance, In(form)ed will delete that clause from the Fiscal Sponsorship Agreement. The project must provide proof of adequate insurance annually.