TO QUALIFY FOR FISCAL SPONSORSHIP BY TRIANGLE ARTWORKS, YOUR PROJECT OR ORGANIZATION MUST ALIGN WITH TRIANGLE ARTWORKS MISSION.

• Based in or impacting the Triangle Region of NC

• Arts based or creative in nature

• Community-based and have a charitable (for the public good) purpose

• Be led by individuals with a proven track record of fiscal responsibility and successfully implementing art projects or services proposed in the application. 

• Be a state registered corporation, nonprofit or sole proprietorship.
  

WHAT DOES IT COST?

• All applicants must pay a non-refundable $100 application fee;

• Triangle ArtWorks charges an administrative fee of 8% (+ applicable credit card transaction fees), which help offset the costs of running the program.

WHAT DOES TAW’S FISCAL SPONSOR PROGRAM PROVIDE?

TAW’s program is a Model C Fiscal Sponsorship, which provides:

• Tax-deductibility of donations raised by Sponsored Project, under the terms of the sponsorship agreement

• Bookkeeping services to process donations and reimburse you for expenses that align with the Sponsored Projects stated purpose.

• Free admission for Sponsored Projects primary staff to attend ArtSwell professional development programming

• Participation in TAW’s Sponsored Project Cohort calls/events

• Access to TAW staff for brainstorming, short consultations and connections

WHAT TAW’s FISCAL SPONSOR PROGRAM DOES NOT PROVIDE:

• Any funding or fundraising assistance, beyond providing you a listing on TAW’s Fiscally Sponsored Project page. (once developed).

• Direct advising or organization consulting from TAW staff

• Tax services - The Sponsored Project is responsible for all tax filings.

• Insurance coverage - The Sponsored Project will provide its own insurance.

• Payroll/Employee support - The Sponsored Project is responsible for hiring and paying all employees, as well as its own payroll.

HOW DOES THE PROCESS WORK?

• Create a project or organization with an arts related charitable mission and assemble the people necessary to achieve these goals. Plan your budget and potential sources of funding for your work. (Our program is also open to projects/organizations that are already running, or even ones that are currently fiscally sponsored by other organizations!)

• Set up a meeting with TAW staff to discuss your work before you apply for sponsorship

• Fill out the application and pay your $100 processing fee.

• The TAW Staff and Board review your application; approval may take up to 2 months.

• If approved, you will meet with TAW Fiscal Sponsor program staff to sign your Sponsorship Agreement and receive the forms and process information for taking donations, submitting requests for funding, and making regular reports.

• Get to work doing great things!

HOW DOES TAW PROCESS YOUR DONATIONS AND PAYMENTS?

While we encourage contributions though our Projects portal(under construction!), we can also process donations by check or direct deposit. All payments from your donors or grantors must be payable to Triangle ArtWorks with the name of your project written in the memo line of the check. Donations made out directly to you or your project will not be tax deductible for your donor.

TAW works with Good Steward Financial for processing of donations and requests for payments. Once you are selected to be a Sponsoree, you will receive information about how to request your money for reimbursement of bills/invoices you incur.

THINGS TO BE AWARE OF BEFORE YOU APPLY!

• As a fiscally sponsored organization, the money you raise MUST be spent towards the charitable project you have proposed. As such, TAW is responsible to the IRS to assure that that money is used ONLY for that purpose. Therefore, you need to know that

• Money raised will be kept in TAW’s account in a restricted fund

• You will have reporting requirements.

• You must be able to provide TAW a copy of your governing documents, a completed and filed IRS Form SS-4 or other documentation to establish your separate existence as a business/organization.

• We must review all invoice/bills before we distribute funding and you will only have access to this funding through this process

• If you cease to work towards your mission or project before all the the money is spent, the money will NOT be dispersed back to you, but must be allocated/used towards the stated mission, or as close to it as possible, by TAW (or returned to the grantmaking organization, if there is one).

HOW LONG CAN WE BE FISCALLY SPONSORED?

Sponsorships can remain active so long as a project is current with reporting and other requirements of its Sponsorship Agreement. It can be terminated by the project at any time. (If, for example, a sponsored project obtains their own federal tax exempt status, the project would no longer need a fiscal sponsor.) If TAW decides to end a contract for any reason, we must give the project 30 days notice.