Fiscal Sponsorship is a cost effective way for individuals to implement new programs, start new organizations, and test new approaches for social change in a community. It is most commonly used in the nonprofit sector to enable individuals to start something new without starting a separate nonprofit organization or while they are waiting for their nonprofit status to be finalized through the federal government. The charitable status is granted through the fiscal sponsor. (In this case Goodcity Chicago)
- Receipt of Charitable Deductions
- Annual Audits
- 8 Week Incubation Workshop for “101-level” knowledge on developing your organization
- The process to establish a 501(c)(3) organization can be expensive.
- An organization has an anticipated short lifespan.
- Common administrative platform with a larger organization resulting in increased efficiency.
- Increased credibility.