Illinois Prairie Community Foundation holds a number of funds for agencies and projects. The Community Foundation serves as fiscal sponsor for the funds, providing them with fiscal management services. In some cases, the agencies are new non-profits that have not yet received a 501(c)3 designation. Shorter term charitable projects may choose to hold their charitable funds at the Community Foundation rather than establish themselves as a separate charitable organization. By virtue of being a component fund in the Community Foundation, the agency and project funds are considered charitable organizations.
An agency or project fund must meet requirements to become a component fund of the Community Foundation. These include having an established organizational structure, having a defined charitable purpose, raising the minimum amount needed to open a Community Foundation Fund, and agreeing to follow all Community Foundation policies and procedures for agency and project funds.
The Community Foundation manages the gifts made to the fund, writing thank yous to donors, provides regular fund reports to the agency or project group and provides some information about the funds to Community Foundation donors. In addition, the Community Foundation manages the expenses from the funds, assuring donors that all gifts are being properly used for charitable purposes.
Contact the Community Foundation to learn more about creating and using an Agency and Project Fund at IPCF.
