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A reminder for Fiscal Sponsorship representatives: As we approach July 1, 2016, please remember that all checks should be made payable to "Communities Foundation of Oklahoma." As of July 1, 2016, checks payable to any payee other than "Communities Foundation of Oklahoma" will be returned to the donor."
Your donor can use the check's memo line to identify the name of the account (or the associated account number) into which the funds should be deposited. This brings us into compliance with IRS regulations for acknowledging charitable gifts. As explained on the IRS website, donors need both a copy of the check and an acknowledgement letter for each donation. The check payee name needs to match the name of the 501(c)(3) public charity issuing the acknowledgement letter; for us, that is Communities Foundation of Oklahoma.
Again, please remember that, starting July 1, 2016, we will not deposit any check not made payable to Communities Foundation of Oklahoma. Please continue working with your donors to ensure they comply with this change.
Communities Foundation of Oklahoma (CFO) offers Fiscal Sponsorship services that adhere to Model C – the Pre-approved Grant Relationship as defined by Colvin & Link (2005).
If you are interested in applying for Fiscal Sponsorship, please give due consideration to the following:
*Remember fiscal sponsorship is not a way around nonprofit requirements.
Those interested in applying for Fiscal Sponsorship under the Communities Foundation of Oklahoma will work through the following steps:
Colvin, G. L., & Link, G. (2005). Fiscal sponsorship: 6 ways to do it right. San Francisco, CA: Study Center Press.
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