Arts Alliance of Greater Bloomington
Fiscal Sponsorship Program Guidelines
FISCAL SPONSORSHIP PROGRAM DESCRIPTION
The Arts Alliance of Greater Bloomington’s Fiscal Sponsorship Program is designed to help members obtain grant funding and to promote new arts-based initiatives consonant with the AAGB’s mission and tax-exempt status. In particular, under the financial sponsorship of the AAGB, members without 501(c)(3) status themselves may become eligible for a wider range of outside funding. Further, the opportunity to claim a tax deduction for their support may increase the project’s attractiveness to outside contributors.
Individuals wishing to participate in the AAGB’s Fiscal Sponsorship Program must:
APPLICATION REVIEW PROCESS
The application review has two steps, and the AAGB will provide as much guidance as possible during all stages of this process.
Step One - Letter of Intent
A brief letter from the applicant artist should be submitted to the President of the AAGB Board of Directors. The letter shall briefly provide by a description of the project, the time frame for the project, and anticipated source of funds. The name(s) and contact information of the responsible applicants must be supplied, together with the disclosure of any commercial ties of the applicants that could become potential conflicts of interest should the project go forward.
A response will be issued within two weeks of receipt of the completed Letter of Intent. If the project meets the requirements of the Fiscal Sponsorship Program, the applicant will be invited to provide full details of their project, as specified by the FSP’s application form
Step Two - Application
Before agreeing to become a fiscal sponsor, the AAGB will review a completed application and assess the applicant’s ability to successfully execute the project in accordance with the Fiscal Sponsorship Program, the Alliance’s By-Laws, and all relevant State and Federal legal requirements. In addition to the specific requirements called for in the application process, some external factors may be considered, such as the likelihood of bringing the application and approval process to completion in the time available. Approval is not automatic, the AAGB itself has limited resources for oversight, and every application cannot be approved.
Upon approval of the project, the project will be assigned an AAGB Project Officer to guide the member’s progress and the AAGB Treasurer will provide guidelines assure fiscal compliance with all relevant laws and conformity to the project’s approved budget.