Once accepted, IFP acts as your project’s exclusive fiscal sponsor for the duration of your project. All right, title and interest to the project remains with you.
Your Individual Donors give directly to IFP and indicate the funds are to support your project – you get the funds, and they get a tax write-off.
Fees
Foundation & Government Grant applications are made with the support of IFP
In return, IFP charges a standard administrative fee (on a cumulative – but also declining basis):
- 6% of contributions totaling up to $150,000
- 5% of contributions between $150,001 and $400,000
- 4% of contributions between $400,001 and $600,000
- 3% of contributions over $600,001
For example, if $ 200,000 is contributed to your project, IFP’s fee will be 6% on the first $ 150,000, and 5% on the last $ 50,000 (and so on).
If your contribution is from a government agency, the following schedule applies:
- 5% for all NEH grants (no sliding scale)
- 7% for NYSCA grants (no sliding scale)
Credit Card Fees: Donations made by credit card incur an additional 3% transaction fee, in addition to the administrative fees listed above.
All accepted projects are required to maintain active IFP Membership (at Individual membership level) throughout the sponsorship of the project.
Contributions to your account are deposited into IFP’s interest-bearing federally-insured bank account. Fees are deducted at the time of contribution and interest earned will be used toward the further development of IFP’s tax-exempt purposes. Expenses incurred on behalf of the Project (bank charges) will be billed against the account.
How Funds are Disbursed
You request funds up to the amount donated (less admin fees), IFP issues a check, and you distribute to your vendors.
Tax Reporting
You are responsible for maintaining your own financial records. IFP will send you a 1099 form each year. Consult a tax advisor concerning your participation in the program.
In-Kind Donations
IFP’s Fiscal Sponsorship program is unable to accept ‘in-kind’ donations of goods or services, this program is for donations of money or stocks only.
* The foregoing represents a summary. If chosen to participate, refer to the Sponsorship Agreement and underlying documents for all terms and conditions.
Loading ...