http://citmedia.org/blog/2008/03/23/citizen-media-business-issues-nonprofits-and-tax-issues/ Sat, 24 Oct 2009 22:49:29 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://citmedia.org/blog/2008/03/23/citizen-media-business-issues-nonprofits-and-tax-issues/comment-page-1/#comment-2388 Adam Huttler Mon, 24 Mar 2008 16:19:40 +0000 http://citmedia.org/blog/2008/03/23/citizen-media-business-issues-nonprofits-and-tax-issues/#comment-2388 Thanks for mentioning Fractured Atlas and our fiscal sponsorship program. If I may, I'd like to clarify one point. Although I understand why you made the comparison to Paypal, it's one that would make any responsible fiscal sponsor cringe. For fiscal sponsorship to be legally acceptable (and different from, say, money laundering) it's critically important that the sponsoring organization exercise oversight over the use of contributed funds. Specifically, it's our responsibility to ensure that the money is spent on charitable purposes which are consistent with our IRS-approved mission. Good fiscal sponsors also assume various legal and accounting responsibilities, which benefits nascent organizations since they can focus more of their time and energy on programs and services. Thanks for mentioning Fractured Atlas and our fiscal sponsorship program. If I may, I’d like to clarify one point. Although I understand why you made the comparison to Paypal, it’s one that would make any responsible fiscal sponsor cringe. For fiscal sponsorship to be legally acceptable (and different from, say, money laundering) it’s critically important that the sponsoring organization exercise oversight over the use of contributed funds. Specifically, it’s our responsibility to ensure that the money is spent on charitable purposes which are consistent with our IRS-approved mission. Good fiscal sponsors also assume various legal and accounting responsibilities, which benefits nascent organizations since they can focus more of their time and energy on programs and services.

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