With the Fiscal Partners program, Park Pride functions as a fiscal sponsor, which is a non-profit organization with 501(c)(3) status that receives grants and donations on behalf of a group engaged in activities related to the sponsor’s charitable purpose (in this case, the improvement of parks and greenspace).
- This program provides low cost administrative services to registered Friends of the Park groups enrolled in the program.
- Park Pride establishes a fund for each Friends of the Park partner group to track income and expenses.
- Park Pride serves as trustee and assumes fiduciary responsibility for all project funds.
- Groups can accept donations without having to become a 501(c)(3) nonprofit, and Park Pride will send acknowledgment of tax-deductible contribution to all contributors.
- The Fiscal Partners Program allows groups to focus on raising funds and making park improvements!
What services are included in a Fiscal Partnership?
- Partner account to accept tax deductible contributions
- Disbursements from partner account as authorized by Project Liaison
- Donor acknowledgement
- Receipts for in-kind donations
- Processing and tracking of company matching gift applications
- Tax reporting
- Monthly account statements Database of project donors
Who can benefit from a Fiscal Partnership?
- Organizations that wish to avoid the time and expense of applying for a 501(c)(3)
- Organizations that have applied for (or are in the process of applying for) 501(c)(3) status
What is the Cost?
Park Pride’s standard fee for these services is 5% of contributions received.
What are the eligibility requirements
- Fiscal Partner must be a registered Friends of the Park group
- Funds must be used for: improvement and/or maintenance of a public park or greenspace; acquisition of land for public greenspace; programming designed to increase park usage
- Partner must obtain approval to use Park Pride’s name and/or logo on all grant proposals, publicity, signage, and outreach materials
- Partner must obtain Park Pride’s prior approval for all fundraising events and sales
- Partner must submit annual report