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When tragedy strikes, business owners are the first people to step up and offer help. This can be detrimental to business profit margins over time. Finding fiscal sponsorship is one way to experience the tax benefits of 501(c)3 status without having to form a non-profit organization on your own. If you are a business owner who wants to give back to the community, learn how to find a fiscal sponsor in a way that benefits your business’s bottom line below.
Do Your Due Diligence
Due your due diligence before you sign any sponsorship agreements. Do not allow any non-profits to sponsor your charity efforts that you have not thoroughly vetted beforehand. This will help you make sure that you are doing what is in your business’s best interests. Find out all you can about the organization and its mission, just as you would when considering strangle options. Learn about their sponsorship policies and fees. Researching before you form an agreement is the only way to make a sound decision that benefits your business.
List Your Business Online
Find fiscal sponsors on sponsorship directories online. This will make it easy for you to get in touch with not-for-profit organizations from all over the country. It is much easier to find a non-profit to sponsor your charitable program when you are not limited geographically. Find potential sponsors online to have the widest talent pool available. That way, you can find a not-for-profit with a fiscal sponsorship agreement that benefits your business too.
Start Reaching Out
If you would prefer to keep it local, reach out to those organizations you may be interested in working with. Even if they do not provide assistance themselves, they will be able to point you in the direction of other charities will provide fiscal sponsorship. A quick Google search is a good place to start when looking for local charities. Start asking these non-profits directly if they would sponsor your business’s charity programs. Open communication will help make this process as smooth as can be for both parties so that your company never loses a single cent.
Find One That Shares Your Vision
Find a fiscal sponsor that shares your charitable mission. This is required by law. Furthermore, it is common sense. Fiscal sponsors should believe in your mission. Otherwise, they may limit your ability to carry out your program’s purpose. No need to do a complete fundamental analysis. You can easily find out what a charity supports on their website. Only accept fiscal sponsorship from those not-for-profits that share your mission and vision to ensure you maintain control over your project so no harm comes to your business’s bottom line.
Ask Around
Ask around among your business network. You may be surprised by how many of your business connections can provide great referrals. Some may even have a direct connection to non-profits that offer fiscal sponsorship. It is all about who you know. Ask around among your business associates and other professionals to find a sponsor that can give your business charity programs the help the need.
Business owners love to give back to the community, small and medium enterprises alike. For those that do, finding a fiscal sponsorship is a great way to defray the costs of starting a charity program. Fiscal sponsors are not hard to find, if you know where to look. Use the tips above to find a fiscal sponsor that can help you out when you want to help others. These tips will make sure you only agree to a fiscal sponsorship agreement that benefits your business too.
Photo from http://www.bigpicturefdn.org/fiscal-sponsorship
