Applications are considered on an ongoing basis. There is no submission deadline. The review of your application will take place within one to two weeks of submission. You will receive notice of the decision within one to two weeks of submitting your application.
For example: When I apply for sponsorship on Feb. 1st; the review takes place within two weeks; I am accepted into the program on or before February 14th.
What Do We Sponsor?
Far Away Projects supports fiscally projects that are consistent with our IRS-approved charitable mission. Projects must be for public benefit in nature and may not be produced solely for commercial gain. The term “project” is used very broadly and may refer to a one-time project, disaster relief projects, research, an ongoing group or company, or even the work and career of an individual maker/environmentalist/inventor/researcher/conservationist or another similar social contributor.
Examples of the types of projects we sponsor include:
Fiscal sponsorship has many different models and programs differ. Far Away Projects’ fiscal sponsorship program is structured as a grantor-grantee relationship. In our program, sponsored projects are treated as separate legal entities that are responsible for their own tax returns, employment taxes, insurance, debts, liabilities, and other legal obligations. Although fiscal sponsorship does not give projects 501(c)(3) status, it does enable them to access many of the benefits of Far Away Projects’ 501(c)(3) status, such as being able to apply for grants and tax-deductible charitable gifts.
Far Away Projects does not judge your work’s quality or merit. Far Away Projects’ provides a legal and efficient mechanism for funders and donors to support charitable, education and science-related activities, as well as mentorship.
By submitting an application you agree to be legally bound by the fiscal sponsorship agreement. Please review it carefully before applying. (link to grant agreement)
In order to be approved, you must demonstrate the following criteria:
The core program benefit is the ability to solicit tax-deductible contributions or grants in support of your activities. However, our program has some aspects that make it special when compared to other fiscal sponsorship programs:
Full range of services available here: Range of Services
It is generally good practice to open up a separate bank account to receive, manage, and hold the funds that your sponsored activities generate. Do not open a nonprofit bank account or use Far Away’s name to open the account. We will not provide you with our IRS Determination letter to open a bank account.
Keep in mind that smaller, independent banks, (or better yet, non-profit credit unions) often charge the lowest fees and provide better customer service than the large corporate banks. In our experience, most banks will accept a Certificate of Assumed Name (aka DBA - “Doing Business As”) to open a business account as long as an individual is willing to personally guarantee the account. However, you are not required to have a business account; you can also open a separate personal checking account, so long as your own personal finances are not involved.
Taxes and Reporting
While we cannot offer tax advice, it may be beneficial for you as the recipient of these funds to consult with a tax professional when applying for Fiscal Sponsorship. It is each sponsee’s legal responsibility to properly and accurately complete any necessary tax returns.
Income distributed from your sponsorship must be reported to the IRS on Form 1099. Far Away Projects will file a 1099 reflecting these earnings at the end of the calendar year and send a copy to the project representative. This tax form will list the name and taxpayer ID number for the project representative we have on file as well as the amount of income distributed.
Whew! Now that you’re up to speed on how Far Away Projects fiscal sponsorship program works, it’s time for us to get to know you and your project. Please fill out the online application and let’s connect!