At Sierra NonProfit Service we are passionate about helping you help our community. One of the services we offer is being a fiscal agent for your project. Below is more information about what a fiscal agent is, what your project can expect from your fiscal agent and what your project will be expected to provide.
So, what is a fiscal agent?
It is a formal arrangement in which a 501(c)(3) public charity sponsors a project that may lack exempt status. This alternative to starting your own nonprofit allows you to seek grants and solicit tax-deductible donations under your sponsor’s exempt status.
What does a fiscal agent do for my project?
- Distribute payments of authorized expense invoices and requests for reimbursements in a timely manner.
- Reviews grant proposals and advises on suggested revisions prior to submission.
- Receipt and deposit of tax-deductible donations and grants and provides reports on them.
- Acknowledgment letters for qualified tax-deductible donations.
- Retention of all original documents submitted for payment.
- Submission of financial statements quarterly and upon completion of the project.
- Reporting of federal, state and local tax returns.
- Convenes your group of volunteer fundraisers for discussion and agreement on ways/means of fundraising and dispersal of collected funds.
- Gives a limited amount of hours of pro-bono consulting.
What does the project agree to do?
- Provide original invoices and requests for reimbursement.
- Notify the fiscal agent prior to any fundraising activities.
- Provide the fiscal agent with timely progress reports as requested about progress towards accomplishing the project.
- Include fiscal agents logo and name in advertising, press releases, and publication of any printed materials.
- Pay a percentage of donations and/or grants accepted for fiscal agent services provided.