At Legal for Good, our firm is committed to achieving successful outcomes for our clients. We also understand that cost-effective strategies are important. One way that smaller or start-up programs can achieve a real boost is through fiscal sponsorship. Fiscal sponsorship is typically practiced in partnership with larger, more established nonprofit organizations. Oftentimes, these larger organizations offer their legal and tax-exempt status to the smaller, less established groups who collaborate toward a similar mission or purpose. Fiscal sponsorship involves a (usually fee-based) contractual arrangement between a program and an established nonprofit.
Let Us Help with Your Fiscal Sponsorship Arrangements
As legal professionals, we have the nonprofit knowledge and skill-set needed to properly advise both fiscal sponsors and new programs throughout the fiscal sponsorship process. From initial negotiations to the provision of suitable legal agreements, our team can help you understand your legal obligations and assure your sponsorship gets off to the right start!
A Fiscal Sponsor Can Make All the Difference
Sometimes, joining up with a fiscal sponsor is more appropriate than starting a full-blown nonprofit. If you are ready to start a new program or project, but don’t have an established entity formed, you may be able to benefit from a fiscal sponsorship. Partnering with a larger, more established organization can help expedite your program or project and get things started immediately. Through this process, not only can you start on your mission, but your program can benefit from the experience and expertise of your sponsor, as well as the financial advantages that fiscal sponsorship can bring.
To find out more about how we can help your organization negotiate a successful fiscal sponsorship deal in Minnesota, call us at (612) 284-6441.
Since most grantmakers give to organizations, not individuals, fiscal sponsorship may help a program qualify for more funding opportunities. Therefore, you may be able to fund and start your project sooner. Meanwhile, the program can work on incorporating and getting its own tax-exempt status if that is the ultimate goal. Wikipedia has a great entry about fiscal sponsorships, learn more here.