Fiscal Sponsorship FAQ
What is fiscal sponsorship?
Fiscal sponsorship allows an individual or group to use OVAC’s 501(c)(3) status to solicit donations, giving the donors the benefit of receiving a tax receipt for their donation as it goes through OVAC. It also allows the individual or group to apply for some grants that require backing from a nonprofit organization.
What is the difference between a grant and fiscal sponsorship?
Fiscal sponsorship is not a funding program. Instead, it enables individual artists and artist-run organizations to use OVAC’s charitable 501(c)(3) status to raise tax-deductible money through grants and individual contributions.
Grants, on the other hand, are monetary awards to individuals.
What kind of projects qualify?
All projects must align with OVAC’s mission of supporting Oklahoma’s visual arts and artists and their power to enrich communities. Fiscal sponsorship is only for a specific project and is not intended to last indefinitely to support an artist’s career. Fiscally sponsored projects must benefit the public in some way. That could include a subject screening, exhibition, performance or talk, exploring an issue, or otherwise offering an opportunity for an underrepresented group of people. Because donations to fiscally sponsored projects are tax-deductible, projects must add value to the public sphere and not only benefit the artist’s private gain.
Can I keep an artist’s fee from the amount fundraised?
Yes, we believe in paying artists for their work! We expect for you to include an artist’s fee in your budget. As a guideline, project managers generally don’t get paid more than 20% of the budget, yet it varies from project to project.
Is there a cost?
All applicants must be a current OVAC member. OVAC retains a 4% administration fee of the funds raised.
Will OVAC fundraise for me?
No, but we will promote your project on social media to help build awareness.
Does OVAC have any creative control over the project?
No. Projects that are fiscally sponsored by OVAC are considered independent contractors and retain their own identity. Project directors retain creative control and ownership of their project/organization.
Do I have to have a US Social Security number or be incorporated in the US to join OVAC Fiscal Sponsorship?
Yes. you must have a social security number or be incorporated as an LLC or corporation in the US.
Do I have to live in Oklahoma?
Yes, you must be a current Oklahoma resident and the public presentation of the project must take place in Oklahoma.
Who decides if my application is accepted?
A committee of OVAC board members carefully reviews each application for mission alignment, quality of the proposal and project, and feasibility of the project.
Can I talk to someone at OVAC before I apply?
Of course! Call us at 405-879-2400 or email Krystle Brewer at firstname.lastname@example.org.