WHY DO I NEED A FISCAL SPONSOR AND WHAT DOES SPACES OFFER?:
Fiscal sponsorship increases funding opportunities for individual artists by allowing them to raise funds using SPACES’ tax-exempt status as a 501(c)(3)-classified organization.
SPACES offers the following to the individual artists we fiscally sponsor:
- Access to funding opportunities from foundations or corporate funders that are usually restricted to 501(c)(3) tax-exempt organizations.
- The ability to offer individual donors the incentive of tax-deductible donations.
- The ability to accept online donations from individuals.
- Funds are disbursed only when you have project-related expenses, which means that income from the fiscal sponsorship is offset by deductible expenses. (We can't offer tax advice, but this structure may prevent you from owing taxes on the money you receive. But really: consult an accountant.)
- Marketing opportunities through SPACES’ channels, in the form of 1 social media post and 1 blog post/year.
- A complimentary artist level Season Pass membership that gives you access to professional development and networking opportunities, members-only events, and the ability to use SPACES’ art production areas.
Applications are considered on an ongoing basis and you will receive notice of the status of your application within 2 - 4 weeks of submission. We offer a limited number of fiscal sponsorships per year.
WHAT WE SPONSOR:
SPACES supports artist projects that are consistent with our IRS-approved charitable mission of serving as the resource and public forum for artists who explore and experiment. The term "project" is used very broadly, and may refer to a one-time project, a publication, or a festival or event.
Fiscal sponsorship is open to all Ohio-based artists with a U.S. Tax Identification Number (TIN). Applications are accepted for artist projects with a minimum budget of $5,000 (this money does not need to be committed before applying). Projects must be arts-related, have a public benefit, and not be produced solely for commercial gain.
WHAT WE DON’T SPONSOR:
- Award programs, grant programs, scholarship programs, or any other scenario in which you'll be re-granting the money you receive that is fiscally sponsored by us.
- Commercial projects with the primary goal of making money.
- Projects without a substantial artistic component.
WHAT IS THE RELATIONSHIP BETWEEN SPACES AND YOUR PROJECT?:
- SPACES’ fiscal sponsorship is structured as a grantor-grantee relationship. As a fiscal sponsor, SPACES assumes administrative and financial responsibility of the sponsored project, and maintains control over the use of project funds. You are expected to implement and operate the project as proposed, including fulfilling all funder requirements.
- SPACES does not judge your work's artistic quality or merit, but rather it judges your fiscal sponsorship application based on your ability to complete the project as you’ve described it in the application.
- As a fiscally sponsored project, you are responsible for your own fundraising. Take some time to think about your development strategy, project identity and whom you’ll contact as potential sources of funding. All written solicitations ( i.e. requests for money) by our fiscally sponsored projects must be approved by SPACES before you send them out.
- There is no fee to apply to SPACES’ fiscal sponsorship program.
- 5% administrative fee for all monies received and distributed on behalf of the project, an additional 3.5% fee for individual donations to the artist’s project processed via credit card/online, and a $50 annual renewal fee.
- As a fiscally sponsored project, you are responsible for your own fundraising. Take some time to think about your development strategy, project identity and whom you'll contact as potential sources of funding.
- All written solicitations (i.e. requests for money) must be approved by SPACES before you send them out.
Email firstname.lastname@example.org for any questions you may have. Thank you.