Advancing CT Together (ACT) can serve as a fiscal sponsor for new/young projects that may not have federal tax-exempt status (status as a 501(c)(3) organization). When a project contractually engages ACT as the “fiscal sponsor” we provide administrative services and oversight to the activities of groups or individuals engaged in work that relates to our mission. This permits our project partners to seek grants and solicit donations from the public using our exempt status.
Here’s a list of possible areas of activities in which ACT can provide fiscal sponsorship:
As a fiscal sponsor ACT has the ability to receive charitable contributions for specific projects, the infrastructure to ensure compliance with applicable federal and state laws and adequate internal controls to ensure that the funds will be used for the intended charitable purposes. Simply stated, ACT can ensure appropriate fiduciary oversight while keeping the responsibility for implementing programs in the hands of the project leaders.
ACT’s role as the fiscal sponsor can include performing many different administrative functions on behalf of the sponsored organization or program, including taking on the responsibility of receiving and administering charitable contributions on behalf of the sponsored organization. Some fiscal sponsors do a lot more, such as performing back-office functions.
Here’s a list of possible services ACT can offer to our projects:
An administrative fee will be negotiated with the project, either based on a percentage of a project's revenue (generally 5-10%) or a flat fee based on the services that are provided and the complexity of grants to be administered. For more information contact John Merz, CEO at email@example.com or 860-247-2437 x314.