Together, We Get Projects Accomplished
Are you a part of a group that wants to do good work in Eden Prairie? Is not having nonprofit status holding you back?
What is Fiscal Sponsorship?
One of the roles of the Eden Prairie Community is “fiscal sponsor.” This is a formal arrangement in which a 501(c)(3) public charity like the Community Foundation sponsors a project or organization that may lack tax-exempt status. This alternative to starting your own nonprofit allows you to seek grants and solicit tax-deductible donations by using the Foundation’s exempt status.
Fiscal sponsorship can be of short duration, such as when local baseball enthusiasts used the Foundation to build Eden Prairie Miracle Field, a ball diamond specifically designed to be used by disabled persons. Or, a fiscal sponsorship can be ongoing, such as EP Reads keeping a fund at the Foundation indefinitely so it can promote literacy in Eden Prairie, year after year.
Because the Foundation is audited annually, you can be sure that your organization’s funds are in a safe place. Plus, the Foundation also offers some administrative services in its role as fiscal sponsor — making sure your donors are issued receipts and thank-you notes, for example.
Organizations that use the Foundation as a fiscal sponsor are charged a small quarterly fee to cover the organization’s audit and administrative expenses. This fee typically is 1% or 2% of the fund.
What People are Saying about Working with EPCF
Here’s what David Espe, one of the organizers of the Eden Prairie Miracle Field project, had to say about using the Eden Prairie Community Foundation as its fiscal sponsor:
“From the very beginning of the Miracle League Field project, Mark Weber and the Eden Prairie Community Foundation stepped forward and offered their help. They have handled all of our electronic and manual donations, including interfacing with our ‘Buy a Brick’ vendor to ensure a smooth transaction process as well as sending out thank-you notes for all donations. In working with the Foundation, we didn’t have to set up a 503b or bank account – The Foundation did all the work for us, so we could focus on our mission: raising funds and building the Miracle League Field! They have been a tremendous partner, and I couldn’t be more pleased with their service and support.”
Contact Us About Fiscal Sponsorship
Contact Executive Director Mark Weber at (952) 949-8499 or [email protected] for more information about fiscal sponsorship and the Foundation’s policies and guidelines. If there’s a good fit, we can implement a fund agreement and get your project started! Or, download our one-pager covering fiscal sponsorships: