Frequently Asked Questions
What is Goodcity’s Incubator program?
Goodcity’s Incubator program is designed to provide support to start-up, nonprofit organizations through capacity development and fiscal services, ensuring long-term sustainability and increased effectiveness.
What are some areas of development covered in the Incubator Program?
The Incubator Program contains a number of workshops that focus on areas of development related to: Strategic Planning, Marketing, Social Media, Board Development, Fundraising, Fiscal Management, and Program Development.
What kinds of services are provided to participants in the Incubator Program?
The services and resources provided to program participants includes, but is not limited to the following: One-on-One Coaching, Capacity Development workshops, Organizational Assessments, Group Accountability, Fiscal Services (Management or Sponsorship), and access to Goodcity’s network.
When and how can I apply for the program?
Applications are currently being accepted on a rolling basis. Future cohort dates will be announced at a later time. Interested applicants can access and submit the Incubator application online through Goodcity’s website: www.goodcitychicago.org.
What does the selection process entail?
A selection committee reviews all of the applications that have been received based on a number of set criteria. Applicants chosen to move forward in the selection process are then contacted for an in person interview with a small panel made up of staff, board members, and community constituents. Final participants are selected and notified by phone or email. The next Incubation cohort launch is TBD. All applicants will receive an email or phone call regarding their status.
What is the time commitment for the Incubator Program?
Goodcity’s Incubator Program is approximately 12 months long. Participants commit a greater amount of time to the program in the first six months for workshops and initial coaching. The last six months consist of individual support provided by coaches in areas of Leadership Development, Program Development, Funding Strategies, and Goodcity program participation.
What are the requirements for the Incubator Program?
If selected, program requirements will include: -Attendance and participation in all scheduled workshops -Exclusive enrollment in Fiscal Services (Management or Sponsorship) provided by Goodcity -Signed Memorandum of Understanding between Goodcity and participating organization
What is the cost to be part of the Incubation Program?
The fee to participate in Goodcity’s Incubation program is $500. This fee includes costs for all services provided, with the exception of Fiscal Services. *(See Fiscal Service section for cost details and specifics)
Do I need my Articles of Incorporation for Illinois?
You do not need to be incorporated in the State of Illinois to apply for and participate in the Incubator Program. However, we strongly encourage participants to work towards receiving their Articles of Incorporation as a step in becoming their own entity.
Do I need to have my 501c3 or does it matter that I already have one for my organization?
As an organization, we do not require you to have obtained your 501c3 to participate in Goodicty’s Incubator and Fiscal Sponsorship program(s). However, if you choose to come under Goodcity’s Fiscal Sponsorship umbrella, you will be required to use Goodcity’s tax-exempt status and set your 501c3 aside (if your organization has one).
Fiscal Sponsorship Program
What is the difference between Fiscal Sponsorship and Fiscal Management?
Both Fiscal Sponsorship and Fiscal Management services provided by Goodcity includes: accounting, financial reporting, payroll processing and general ledger review. Fiscal Sponsorship allows the organization to use Goodcity’s tax-exempt status while Fiscal Management does not. 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.
What is the cost of Fiscal Sponsorship and am I required to use this service?
A fee of 10% is incurred on all revenue generated by the organization as long as Goodcity operates as their Fiscal Sponsor or Manager. The fee of 10% is assessed from the organizations account by Goodcity monthly. Fiscal Sponsorship includes an additional set-up fee of $750. 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 Goodicty.
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.