Community Wealth Building
Fiscal Sponsor Services
General Process
Applicant (you) contacts the Foundation of Little Village (fiscal sponsor) for approval to list the Foundation as a fiscal sponsor. This is Required. The Foundation will not accept a grant award for your business without this prior approval.
Applicant fills out the grant application or grant proposal with oversight provided by the Foundation of Little Village.
If the grant is awarded, the Applicant and the Foundation of Little Village completes a Fiscal Sponsor Agreement.
The grant funder will disburse the funds directly to the Foundation of Little Village.
The Foundation of Little Village will disburse the funds directly to the Applicant as directed by the Fiscal Sponsor Agreement.
The Applicant will be required to complete any financial or programmatic reporting to the Foundation of Little Village. The Foundation will then submit it to the grant funder directly.
Applicant (you) contacts the Foundation of Little Village (fiscal sponsor) for approval to list the Foundation as a fiscal sponsor. This is Required. The Foundation will not accept a grant award for your business without this prior approval.
Applicant fills out the grant application or grant proposal with oversight provided by the Foundation of Little Village.
If the grant is awarded, the Applicant and the Foundation of Little Village completes a Fiscal Sponsor Agreement.
The grant funder will disburse the funds directly to the Foundation of Little Village.
The Foundation of Little Village will disburse the funds directly to the Applicant as directed by the Fiscal Sponsor Agreement.
The Applicant will be required to complete any financial or programmatic reporting to the Foundation of Little Village. The Foundation will then submit it to the grant funder directly.
Frequently Asked Questions
A fiscal sponsor is an IRS designated 501(c)(3) nonprofit organization that provides financial management and oversight for eligible projects. The eligibility varies based on the grant opportunity, but they are usually charitable in nature. For example, you may have a for-profit business that needs funding to provide at-risk youth with job training.
Each grant has different requirements based on the grant funder, but most will specify the spending conditions, what you can and cannot use the funding for, and specific financial or programmatic reporting requirements. As the fiscal sponsor, the Foundation of Little Village will ensure the applicant abides by all of the grant requirements.
Yes, the Foundation will collect a 15% fee from the grant award. This fee is used to cover the administrative costs it takes for our staff to manage the grant award.
Definitions
Grant Application or Grant Proposal
This refers to the application or proposal that is submitted to a funder for consideration of a grant award.
Grant or Grant Award
Once an application is approved, the award itself is called a grant or grant award. Grants are not loans and are not paid back; however, they often come with spending conditions, budget restrictions, and reporting requirements.
Grant Funder
This refers to the awarding entity – usually a foundation, corporation, or government office. A grant funder may also be called a donor.
Grant Agreement
This is a legally binding agreement between the grant funder and the awardee.
Additional Resources
National Council of Nonprofits
Fiscal Sponsorship for Nonprofits
Contact Us Today to
Learn More About Fiscal Sponsor Services
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