Fiscal Sponsorship Services
ICI provides emerging charitable initiatives, whether incorporated or not, with an alternative to managing the day-to-day administrative and accounting responsibilities with volunteers or limited staff capacity. With ICI as the charitable home, our "back office" support, coaching & guidance allows emerging groups to incubate and focus their time on what they do best, developing and delivering services, while formalizing governance and management structures & learning how best to manage finances.
As a temporary home for emerging charitable organizations and programs in transition ICI:
Provides 501(c)3 tax-exemption status
Records donations and gifts
Works with programs to acknowledge donations as required by IRS
Receives tax-deductible donations and grants designated to programs
Deposits grant funds and cash receipts into segregated accounting system
Handles payments and cash disbursements
Prepares monthly financial statements
Prepares required financial reports for funders, government sources, and auditors as well as required tax filings
Manages contracts and subcontracts
How do I get started?
Upon receiving your completed application, it will be reviewed by ICI's Directors and voted upon. Please remember when submitting your application to include a list of your Board/Advisory Group members and a resolution certified by the Secretary of the governing body authorizing you to apply. The organization will be notified of the outcome upon approval or disapproval.
All fiscal sponsorship clients must be a member of the New York Council of Nonprofits, Inc. Join Today.
For new fiscal sponsorship clients, ICI requires that you obtain one million dollars in general liability insurance to cover all activities carried on by your organization. You must list ICI, Inc. as an "also insured" on your general liability policy. ICI may require additional coverage at our discretion, based on activities conducted by the organization. One option for your organization's insurance needs is to contact Peter Andrew, CEO of Council Services Plus, Inc. ph. (518) 434-9194 ext. 125.
Proof of insurance must be received at our office prior to receiving and disbursing funds.
If your application is approved, a written Memorandum of Understanding will be drafted specific to the organization's mission and forwarded for signatures along with a copy of our Fiscal Sponsorship Procedures. Any existing funds collected by the organization and copies of records pertaining to financial activity for the fiscal year at the inception of agreement should be transferred, via check, to ICI, and the organization will be billed an engagement fee of $400.00