Partner Fund Sponsor Program
In 2008, LLCC established the Partner Fund Sponsor Program to support community efforts to develop and improve the livability of the community. Through this program, LLCC accepts tax deductible contributions on behalf of neighborhood partners who are making improvements to their neighborhoods, freeing them from the hassle of having to get a 501(c)(3) nonprofit tax status.
What is a Partner Fund Sponsor?
A Partner Fund Sponsor is a non-profit organization with 501(c)(3) status that receives grants and donations on behalf of a group engaged in activities related to the sponsor’s charitable purpose.
Reasons for establishing a Partner Fund:
- Limited or short term projects that wish to avoid the time & expense of applying for a 501(c)(3)Organizations that have applied for (or are in the process of applying for) 501(c)(3) status
- New projects that are not yet ready to apply for 501(c)(3) status
- Organizations that have 501(c)(3) status, but need assistance with administrative services
Benefits of Partner Fund:
- Improved access to funding
- Increased credibility through partnership with established organization
- Increased efficiency
- Frees up project team to focus on fundraising and project implementation
- Low cost financial and administrative services
LLCC’s Partner Fund Sponsor Program services include:
- Specific Project Account for each Partner to accept tax deductible contributions
- Disbursements from Project Account as authorized by Project Liaison
- Donor acknowledgement
- Receipts for In-Kind donations
- Processing and tracking of company matching gift applications
- Tax reporting
- Regular account statements (monthly or quarterly depending on account activity)
- Database of project donors
Requirements for Participation in LLCC’s Partner Fund Sponsor Program:
- Partner Projects must be related to improvements recommended in the Blueprints for Successful Communities Study Report, approved by the LLCC Long-Range Planning Committee, or approved by the LLCC Board of Directors.
- Partner must obtain approval to use LLCC’s name and/or logo on all grant proposals, publicity, signage, and outreach materials.
- Partner must obtain LLCC’s prior approval for all fundraising events and sales.
- Partner must submit annual report.
- Partners must be a member in good standing with LLCC.