Lessons – Public Foundation – New Video

Greetings from GrantLessons!

The King Fire is still burning close to Sacramento as I am sure you have seen on the news and bringing smoke into Reno! So more time to stay indoors and work on grant related tasks.

We have several new followers and we want to bring to their attention that if they scroll back in the blog, they will find 32 lessons to get them started, just start with #Lesson 1 and move forward one step at a time.

Have you ever wandered what rules that a public foundation has to follow in order to protect their 501(c)(3) status?

  • A public foundation must verify that the award receipient is registered with the Internal Revenue Service(IRS).
  • A funder may ask to conduct a pre-grant inquiry.
  •  A public foundations needs to have a written agreement (often times the application) but in other cases an actual agreement document signed by both parties or a letter sent along with the check identifying their requirements.
  •  A public foundation needs to assure itself that the award is spent according to the application document and/or agreements and may require reports to validate.
  • A public foundation must properly report their awards given to the IRS;  if the nonprofit organization who has received funds has not expended the funding in accordance with the application or agreement, then the public foundation must take action.

Each public foundation must expend a small percentage of their holdings each year to keep their IRS status and protect their holdings from high taxation.

GrantLessons had two brave souls who made a comment that said having a video on how to find funders using GuideStar if you are a Gold Participant would be helpful. A new video called, “Training Session – How to Find Funders Using GuideStar” can be found within the video tab at http://www.grantlessons.wordpress.com.

Our Grants Development Subcommittee went well last week and we did identify some new potential funders. I learned some lessons in working with a small team in evaluating potential funders. Here are some pointers to help you along in the process if you should decide to do.

  • Ask eveyone to bring their computer so you can use the Internet to search or secure some of the chapters laptops for their use;
  • Ask everyone to have Dropbox available on their computer;
  • If a member wants to connect to the chapter’s wifi be sure they do in advance of the meeting;
  • If you are demonstrating how to do the different tasks be sure to have a helper who can help those who are a little slower;
  • Be sure to stop before those you are teaching get to tired to absorb the material;
  • Be sure to give those who attended a short assignment within a couple weeks of the training; and
  • Have fun teaching others how to search for funding because it is the beginning of helping your chapter help others in your community.

The message is writing applications and accepting awards (checks) from public foundations is important and there are responsibilities we have to meet to keep everyone happy, the funder and the IRS 😉

Pray for the fire fighters!

Catch me when you can and I will catch up with you soon. Sandie

 

 

 

 

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