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Fiscal Sponsorship Fundamentals
By Caiti Crum
Do you feel that the current economy, current administration and recent world events have left little to no room for visual and media arts funding?
Raising money is probably the most daunting aspect of making art. Putting ideas on paper in a concise and professional manner, and then submitting them to a foundation for funding, is difficult enough. The situation is complicated by the fact that many foundations only give grants to tax-exempt nonprofit organizations.
You can overcome these difficulties, however, by getting fiscal sponsorship from a qualified arts nonprofit.
What Is Fiscal Sponsorship?
Fiscal sponsorship allows individual artists, musicians and producers the opportunity to apply for funds from grantmaking organizations that contribute solely to nonprofits with 501(c)(3) tax status.
Connecting with a nonprofit with a good fiscal sponsorship program will help you attain your artistic goals while maintaining your integrity.
Role of the Fiscal Sponsor
It is imperative to examine the requirements, benefits and stipulations of different fiscal sponsorship programs before you decide to sign a sponsorship contract.
- Sponsoring organizations will generally take a five to 15 percent administrative fee out of each grant you receive, depending in part on the services they offer.
- Some sponsors take ownership of a portion your work; others simply keep track of your funds.
- Some act solely as the sponsor and do not take on a role in your project. Others offer support, samples of proposals, sources for funding, discounts and use of their facilities.
Consider how active you would like to be with your sponsor. If you know exactly what funders you want to approach or have your grant requests already written, you might not need as much help as someone who is doing this for the first time.
It is good to communicate this to your sponsor in order to maintain a productive relationship.
Application Requirements
There are a number of general requirements you'll need to meet when applying for sponsorship:
- Many organizations ask that you become a member if you are going to apply. Very often this will allow you certain privileges, including discounts, publicity and access to different kinds of events, lectures or special offers.
- You should have a well-written proposal that outlines what your project is, who or what is involved in its production, why you are doing it and how long it will take.
- Be sure to provide a detailed budget outlining everything that you will use and need. This will let people know how methodically you work and how prepared you are.
- A timeline gives valuable perspective, and lets the sponsoring organization know how well you've considered the overall production process.
- Include resumes of the people who are working on the project. Reviewers want to see what you have been working on, where you come from and what experience you have.
Good News
Funding is not an unapproachable, impossible task, and fiscal sponsorship can be an invaluable means to securing funding without the costly hassle of incorporating as a 501(c)(3) nonprofit.
Whether you're applying for a grant or for fiscal sponsorship, remember that it's necessary to plan and present yourself in a manner that displays your depth as a person and an artist.
Once you are used to this, funding will become an integral part of your art-making process. You will be able to see your work from other perspectives, and will able to convey your ideas in different ways so more people can understand them and relate to your own personal perspective. The result is better work overall.
Caiti Crum is the Fiscal Sponsorship Coordinator at the Bay Area Video Coalition (BAVC). For more information on BAVC services, including fiscal sponsorship, visit them online at bavc.org/, or call (415) 861-3282.
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