Frequently Asked Questions
What is Goodcity’s Incubator Workshop?
Goodcity’s Incubator workshop is designed to provide base-level knowledge to start-up, nonprofit and for profit social enterprises through development of a working knowledge on basic business principles, ensuring long-term sustainability and increased effectiveness.
What are some areas of development covered in the Incubator Workshop?
The Incubator Workshop contains a number of workshops that focus on areas of development related to: Strategic Planning, Mission & Vision Statement, Core Values, Executive Summary, Marketing Management, Fiscal Management.
When and how can I apply for the program?
Registrations are currently being accepted on a rolling basis. Sessions are held seasonally. Interested participants can access and submit the Incubator registration online through Goodcity’s website: https://goodcitychicago.org/incubator-application/
What is the time commitment for the Incubator Workshop?
Goodcity’s Incubator Workshop is 8 weeks in length.
What are the requirements for the Incubator Workshop?
Attendance and participation in all scheduled workshops. Bring your own laptop for in-class assignments.
What is the cost to be part of the Incubation Workshop?
The fee to participate in Goodcity’s Incubation Workshop is included in the start up fee for Fiscal Sponsorship. If you do not wish to come under Fiscal Sponsorship, but would like to take the workshop, the cost is $500.00.
Fiscal Sponsorship Program
What is the difference between Fiscal Sponsorship and Fiscal Management?
Fiscal Sponsorship services provided by Goodcity include: receipt of charitable donations, payroll processing, and general ledger review. Fiscal Sponsorship allows the organization to use Goodcity’s tax-exempt status. Using Goodcity’s tax-exempt status means that Goodcity acts as the Fiscal Sponsor and assumes full responsibility for income generation receipt and expenditure of funds for member programs. This process allows income, whether donated or earned, to be received to the program tax-free. Donations made to the program are also tax-deductible in accordance with federal laws. Additionally, organizations under Fiscal Management are responsible for conducting their own year-end audits while those using Goodcity as their Fiscal Sponsor will be included in Goodcity’s year-end audit report. If an individual audit report is required while under Sponsorship, we will provide the necessary reports for a third party to audit the organization, but will not supply that audit.
What is the cost of Fiscal Sponsorship and am I required to use this service?
A fee of 8% is incurred on all non-government revenue and 12% of all government revenue generated by the organization as long as Goodcity operates as their Fiscal Sponsor or Manager. The monthly minimum fee of $200 is assessed from the organization’s account by Goodcity. Fiscal Sponsorship includes an additional set-up fee of $1,000. All fiscal transactions will be required to be made through Goodcity. Participating organizations are not permitted to have separate business checking accounts and will not be able to open up credit accounts. All funds must be received by Goodcity.
What is the cost of Goodcity’s Fiscal Management services?
This cost is figured on a case-by-case basis. An agreed upon monthly rate will be determined between Goodcity and the partnering organization based on budget size and the number of transactions.