What does it mean to be a pre-approved project of New Sun Rising?

 

Pre-Approved Grant Relationship

  • Pre-approved made for Incorporated organizations
  • Separate entity responsible for managing its own tax reporting and liability issues
  • The fiscal sponsor, with the exception of the agreed-upon administrative overhead charges to sponsored projects, and the exercise of its variance powers, does not expend funds dedicated for project purposes for any other purpose, unless ordered by a court of law or government agency
  • Project is considered an Independent Contractor. In addition, all agents of the project are NOT contracted /employees of New Sun Rising.
  • The fiscal sponsor monitors all projects for appropriateness of expenditures and for fiscal solvency and routinely reviews project fund balances down to the level of individual grants.
  • The fiscal sponsor ensures that projects comply with financial and administrative requirements of grants and government contracts
  • The fiscal sponsor acts as a grantor supporting projects by making a series of grants to the grantee entity conducting the project (i.e., the fiscally sponsored project). Features of a well managed grant relationship include: the grantee’s proposal to conduct a specific charitable project; periodic reports from the project back to the fiscal sponsor; an arm’s length grant agreement that protects the sponsor from the liabilities of the FSP; clear communications, as needed, to the project’s vendors stating that the sponsor is not responsible for the project’s liabilities.
  • The fiscal sponsor expects project leaders to conduct the primary work of resource development.
  • The fiscal sponsor expects project leaders to assume responsibility for reporting orally and in writing to fiscal sponsors and project donors, and for maintaining relationships with donors.

Revisions: