As a project’s umbrella agency, FSC-PS is the recipient of any funds donated or granted to the project. FSC-PS maintains the funds in an account for the project. Account funds are disbursed to the project representative for the payment of legitimate project related expenses and services. As such, FSC-PS is responsible for ensuring that fundsare used for project purposes and used in accordance with donors’ and grantees’ intent. This arrangement withFSC-PS can be as sole recipient of all project donations and grant funds or as recipient of only the funds associated with a specific grant. In either case, FSC-PS will issue the necessary project related 1099’s in accordance with IRS guidelines.
If FSC-PS is to be sole recipient of all project funds, then FSC is the exclusive agent for receiving and disbursingproject related funds. In this arrangement, the project’s representative is responsible to account for expendituresby providing FSC receipts evidencing payment for project goods and services. FSC will also provide the service of letters of thanks and acknowledgment to donors, ensure project representatives complete any required donation or grant related reports, and issue any required 1099’s to the project’s independent contractors and the project representative.
The Fiscal Sponsorship program does not provide any fundraising services, grant application services, or distribution services. Nor does acceptance into the Fiscal Sponsorship include FSC-PS distribution of the finished product. FSC- PS distribution requires a separate application, review, and approval.
FSC-PS charges an administrative fee of 10-15% of the project income (donations and grants). These amounts cover the expenses of FSC-PS’s services to maintain an accounting of donations and grants, send acknowledgment letters to donors and grantees, reconcile project receipts with project cash disbursements, generate and file IRS 1099 forms, and other services FSC-PS must perform as the umbrella agency for the project.