Often when we have a big idea, our first thought is, I should start a nonprofit! But before you jump into a huge pile of paperwork, let’s look at what you need:
Tax exempt status
Administrative infrastructure, and
Did you know you could use a fiscal sponsor for these needs?
We love the way Propel Nonprofits talks about this topic and you can check out their YouTube video linked below. Coincidence it features a unicorn?! (The unicorn is our mascot )
This video does a great job of explaining why it can be beneficial to test the waters with your idea before jumping all in with becoming your own nonprofit.
What is fiscal sponsorship?
A fiscal sponsor serves as the administrative “home” for your cause. A more detailed fiscal sponsorship definition is this:
Fiscal sponsors are existing nonprofit organizations that provide fiduciary oversight, financial management, and other administrative services to help...