Will my organization be able to receive online contributions?
SIF offers your program an online donation page to assist with your fundraising efforts. The donate page will typically mirror the design of your existing website – all we need is a sample URL page to get started!
Will I be able to operate as a nonprofit organization?
By working under the Social Impact Fund’s own 501(c)(3) charitable status, you are able to focus your time and efforts to fundraise and to deliver the program(s) that you want to put into place. SIF handles all of the back-office and administrative duties that are necessary to effectively manage your program, and follows all IRS regulations governing public charities.
To whom are donations made payable?
Your donors may make donations via checks payable to Social Impact Fund or the name of your charitable program name. SIF will acknowledge each donation, as required by the IRS.
Are individual donors made public?
The Social Impact Fund does not publicize or list individual donors to any of its sponsored programs.
Do we have to register to receive donations in states that require donations?
The Social Impact Fund is positioned as a national organization, and has filed required charitable registrations in the States that require filings. The cost and labor associated with these registrations are absorbed by SIF and are part of the services and benefits that SIF offers as a fiscal sponsor.
Are there restrictions on grants made from my organization?
SIF-sponsored programs may recommend grants to other 501(c)(3) organizations for general support or for restricted purposes. No funds provided by SIF may be used for any political campaign, or to support attempts to influence legislation by any governmental body, nor to individuals.
Will I be required to establish a Board of Directors?
SIF acknowledges that a sponsored program may be structured to include a Board of Advisors, or another group to assist with the strategy, development and execution of program activities to achieve the program’s mission. Only the SIF Board of Directors will have legal and fiduciary responsibility over the funds raised, but will take recommendations by the program’s advisors to make grants and other expenditures that are related to the program’s activities.
What insurances must my organization carry?
SIF carries general liability insurance, but programs may obtain its own insurance depending on its planned activities. Special events many require additional coverage, but SIF may assist with this under its own policies.
How does the Social Impact Fund report my activities to the IRS?
The Social Impact Fund files an annual IRS Form 990 (tax return) and aggregates the income and expenditures of all if its sponsored programs into one tax return. Additionally, an annual independent audit is performed on SIF accounting.