We see fiscal sponsorship as an important way to keep Portsmouth cultural community interesting and diverse. This program allows organizations not classified as official nonprofits to borrow Art-Speak’s 501(c)(3) nonprofit status so they can collect money in either sponsorship, donations, or sales to get off the ground quickly.
This allows new groups, projects or short run programs to operate without going through the long (and sometimes complicated) process of setting up their own nonprofit. It also allows organizations to take tax deductible donations.
If you are an organization considering a fiscal sponsorship, there are a couple things you should keep in mind:
- Art-Speak selects programs that align with our mission statement. Please check that out before you reach out (it’s right on our homepage).
- We have to charge a small fee to offer this service. Typically, this fee is 5% of funds taken in. However, this can vary depending on the program’s size and scope.
- The State of NH and the IRS mandates organizations under fiscal sponsorship maintain accurate records of all transactions.
If this sounds like a program you’d like to use, please reach out and contact us. We’ll walk you through the process.