NNFS Mid Atlantic Regional Gathering

On Friday, April 13, Humanitarian Social Innovations attended the Mid Atlantic Regional Gathering of the National Network of Fiscal Sponsors (NNFS) at Open Works in Baltimore. The agenda was full and the discussion was rich.

Fiscal sponsors discussing the agenda. Photo by Linda Rentschler.

Financial Operations

Financial operations are at the heart of our purpose as fiscal sponsors. We shared best-practices in accounting, internal fund transfers for collaborating projects, financial reporting, and the ins and outs of retail operations of fiscally sponsored projects. Regarding accounting software, it seems most fiscal sponsors are using Quickbooks in our region. Some are providing excellent customer service through the use of credit cards or Pex cards for their program managers.

Legal

Some fiscal sponsors are bringing in programs that were previously stand-alone nonprofit organizations. A representative from Urban Affairs Coalition stressed the importance of putting aside a program’s pre-existing 501(c)(3) into a dormant status and when to dissolve that entity. Thaddeus from Culture Works also stressed the legal importance of organizations identifying themselves as “XYZ of Fiscal Sponsor.” Other fiscal sponsors use the format “XYZ a program of Fiscal Sponsor.”

Donor Management Software

While HSI does not currently have a large donor database, other larger fiscal sponsors use Sales Force. Strong City Baltimore, however, is finding that the new WeDidIt software for fiscal sponsors is satisfying all of their needs with a responsive development team to boot.

Fiscal sponsors taking a tour of Open Works. Photo by Linda Rentschler.

Marketing

The group discussed how the National Network may help leverage our position with giants like Amazon and Google. TechSoup is interested in accommodating our programs within their structure. Also, we discussed reaching out to funders and encouraging them to fund our programs’ administrative fees as overhead within grant proposals. This is an ongoing discussion that may require a separate task force to address on a more national stage.

Governance

To conclude, we discussed how various fiscal sponsors incorporate their programs into the decision-making processes of the organization. Suggested best practices include a board Membership Committee for program leaders, the presence of program leaders on the board, or in the Program Committee.

Overall, the gathering was a great way to network with other fiscal sponsors, discuss best practices, and continue to improve our own organization. We came away inspired!

The NNFS will be holding a national gathering in Seattle, Washington from October 22-23, 2018. For more information visit our events calendar or go to the NNFS website.