What I'm learning about Fiscal Sponsorship for Nonprofits-Part 2
In continuation to my earlier post about Fiscal Sponsorship, here is additional information that I learned recently.
Projects and Organizations looking for a fiscal sponsor:
1. The Foundation Center has a great fiscal sponsorship tutorial for anyone interested in learning more about fiscal sponsorship.
2. The Community Resource Center in Colorado also has a great step-by-step explanation about fiscal sponsorship and the difference between the term "fiscal agent" and "fiscal sponsor."
Nonprofits that serve as a fiscal sponsor:
1. I recently learned that private foundations must follow expenditure responsibility. The IRS explains about expenditure responsibility on its website.
2. All nonprofits should be aware of the Patriot Act and how it could effect them. Guidestar explains the Patriot Act as well as links to the "U.S. Department of the Treasury Voluntary Best Practices for U.S. Based Charities." I feel these practices are something all nonprofits should strive for. The Independent Sector has developed similar best practices, called the "Checklist for Accountability."