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FISCAL SPONSORSHIP:
• Program
Description
• Current
Fiscal Projects
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View
the application and FAQ on fiscal sponsorship
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Why is IFP MN Fiscal Sponsorship
Different?
The selection of the right sponsor is crucial because
potential donors carefully examine institutional factors
before awarding grants. One such factor is whether your
project seems to have community support. Because one advantage
of organizational sponsorship is that it provides you
with credibility, it is important that you select a sponsor
with a good reputation and a rapport with its own donors.
IFP MN and its national network is the leading resource
of the American independent film movement. Nation-wide,
IFP's 9,000 members participate year-round in activities
ranging from popular screenings to cutting-edge workshops,
seminars and networking events. By offering invaluable
information, assistance and access to the world of independent
film, IFP MN helps its members find out the latest on
who's who, who's buying, who's financing and who's making
features, shorts and documentaries. Through the IFP network,
you have the chance to make valuable connections and ultimately
to penetrate the industry.
The IFP MN Fiscal Sponsorship Program is designed to cover
film and video projects that fall within the following
categories:
a) documentary films and other works
of nonfiction;
b) films produced by first-time filmmakers
(or students).
c) works of fiction with proposed budgets
that do not exceed Tier 1 of the IATSE
National Agreement currently $3.6M.
Benefits of IFP MN Fiscal Sponsorship:
Credibility and Reputation
IFP MN's respected programming opens the door to valuable
industry services you won't find elsewhere and a wide
network of industry relationships intended to complement
those services. Over the past 18 years, our programs have
helped hundreds of American independent films progress
from concept to production and eventual distribution.
When committing your project to the IFP MN Fiscal Sponsorship
Program, you unlock a world of benefits and "know-how"
designed to help get your movie made and distributed.
No Deadline. No Wait.
Some fiscal sponsor programs have strict deadlines and
then make you wait up to 8 weeks for an answer. At IFP
MN, applications are available online, accepted year round
and reviewed every two weeks. After being accepted into
the fiscal sponsorship program, you will take part in
a 30-minute meeting with our Executive Director, and after
that, you're "up and running."
Competitive Fees:
Fiscal Sponsorship fees vary from organization to organization
and in some cases they may equal 10% of the contribution.
IFP MN’s 5% fee is among the lowest offered in the
industry.
Your Project on www.ifpmn.org’s Website:
Our website, www.ifpmn.org,
is the one of the most recognizable URL's in the independent
film sector. As a fiscal sponsorship participant, you
can publicize your project to potential donors and allow
donors to link to your website for donation information.
The site will also offer access to useful information,
interviews and sample proposals on fundraising, production,
marketing and distribution.
Individual Consultations:
Throughout your project's development, you can access
staff to discuss your fundraising and film distribution
strategies and tactics to identify, target and approach.
IFP MN staff deliver more than 30 years of combined experience
in the independent film sector. Tap us for strategic advice
on proposals to specific donors, help in understanding
your distribution options as you move into post-production,
and assistance with resource allocation or establishing
a budget.
Up to 25% off all IFP MN Classes, Seminars &
Conferences:
You will receive discounted access to all IFP workshops
on the art, craft and business of writing and making movies
for film or TV including: Producing Conference, Screenwriting
Conference, hands-on classes for Final Cut Pro, Elements
of Screenwriting, Documentary Boot Camp and many more.
FILMMAKER Magazine:
A one-year subscription to FILMMAKER: The Magazine
of Independent Film. Now in its 12th year, FILMMAKER has
been a consistent benchmark for the burgeoning indie scene
Many Other Benefits:
IFP Fiscal Sponsorship participants also receive: access
to discounts on many steps of the filmmaking process (from
film stock to post production services), free one-on-one
sessions with staff on such issues as Post-Production,
Legal, Festival and Distribution/Foreign Sales, and free
monthly screenings of great new short films at the Cinema
Lounge (with writers, directors, and producers who are
interviewed by the Lounge host. See www.ifpmn.org
for a full listing.
How IFP Fiscal Sponsorhip Works:
Program Fees:
Once you are accepted into the program, IFP acts as your
project's exclusive fiscal sponsor for the duration of
your project (all right, title and interest in and to
the completed project belong to you and may be copyrighted
in your name). In return, IFP charges a standard administrative
fee for operating the program, as follows:
A fee of 5% will be charged for this service to IFP MN
members:
For
Grants: |
The
Fee Is: |
$0 - $9,999 |
$500 |
| after $10,000
- 20,000 |
an
additional $500 |
| after $20,000
- 30,000 |
an
additional $500 |
| after $30,000 - 40,000 |
an
additional $500 |
| after $40,000
- 50,000 |
an
additional $500 |
Note: A fee of $500 is charged initially…this
will apply to your first $10,000 raised through the program.
Thereafter, fees are paid at the time of the contribution.
Fees cover administrative costs and bank charges. IFP
MN will charge the Project directly for any liabilities
or direct expenses it may incur on behalf of the Project,
such as legal fees, late fees, etc.
All contributions received are deposited into IFP Minnesota’s
federally insured bank account. After a period of 3-5
business days, IFP MN will issue a check in the same amount,
minus any fees, to the Project.
IFP MN will accept up to $50,000 in grant and donated
monies on behalf of a fiscal client. Sums above that amount
must be approved in advance by the Executive Director
and/or the IFP MN Board of Directors.
IFP MN reserves the right to accept or deny fiscal sponsorship
projects, dependent upon the complexity of the terms of
the agreement, the ability of the artist to demonstrate
fiscal responsibility, and the alignment of the Project
with IFP MN’s mission.
How Funds are Disbursed:
Once funds are contributed on behalf of your Project,
IFP MN will issue a check to the project director or your
production company. Because IFP MN will issue checks only
to the project director or production company and not
to individual vendors, the project director or production
company usually establishes a separate bank account for
the project.
Tax Reporting Requirements:
You are responsible for maintaining your own financial
records. You should consult your tax advisor concerning
your participation in the program and proper tax reporting.
IFP MN will provide its 501(c)(3) letter from the IRS
and a letter stating filmmaker’s status as a fiscal
sponsorship client and as an IFP MN member. Upon request
from foundations that the filmmaker is applying to, we
will provide documentation (such as IFP MN’s Form
990, budgets, etc.) Filmmaker is responsible for including
copies of the 501(c)(3) letter and for acknowledgments
to donors for the project.
IFP MN requires an annual report from the fiscal client
on the progress of the project, and an income/expense
report on grants/donations received and how these funds
were expended.
Grant Period
IFP MN will maintain and keep open a fiscal sponsorship
client’s folder for a period no longer than 3 years.
After that, a new contract and arrangement must be made
in order to continue the project sponsorship through IFP
MN.
After the grant period is over, a final report is submitted
by the filmmaker to both any granting organizations and
to IFP MN for its records.
* The foregoing text represents a summary of the Fiscal
Sponsorship Program. If chosen to participate, please
refer to the Sponsorship Agreement and other underlying
documents for all the terms and conditions applicable
to the Program.
How To Apply:
Eligibility:
To be considered for the IFP Minnesota Fiscal Sponsorship
Program, your project must fall into any of the following
categories:
1. Documentary films and other works of nonfiction
2. Films produced by first-time filmmakers (or students)
3. Works of fiction with proposed budgets that do not
exceed Tier 1 of the IATSE
National Agreement currently $3.6M.
How to Apply:
1. For documentaries, a thoughtful, clearly written treatment.
For fiction work, your shooting script. For both, a statement
summing up what you are trying to do and how you will
organize the elements into a coherent and interrelated
dramatic whole (1-2 pages).
2. A thoughtful budget that is well developed, realistic
and consistent with your narrative and includes all phases:
pre-production - post-production. (1-2 pages).
3. CV's or bios of principle production personnel (Producer,
Director, Writer, Cinematographer, Editor. (generally,
1 paragraph per person).
4. Check or credit card application fee of $500 made payable
to IFP Minnesota, along with current membership status.
Individual Level membership dues of $85 are also due at
this time (if membership is not current.)
Send Above Mentioned Application Materials To:
IFP Minnesota Fiscal Sponsorship Program
c/o Jane Minton
Executive Director
IFP MN
2446 University Avenue West
St. Paul, MN 55114
jminton@ifpmn.org
Accepted applicants will be notified of acceptance via
email. Upon acceptance, you will be required to participate
in a contract meeting. Rejected applicants will be notified
via post. Sample media will be destroyed. If you request
feedback on your rejection, you may schedule a phone appointment
with the Executive Director.
Frequently Asked Questions:
Q: What is a 501(c)(3) organization?
A: A 501(c)(3) organization is an organization, described
in section 501(c)(3) of the Internal Revenue Code, the
contributions to which are deductible for Federal income
tax purposes to the extent allowed by law.
Q: What is the difference between corporate sponsorship
and fiscal sponsorship?
A: Corporate sponsorship generally consists of support,
usually in the form of money or materials, given directly
to the project. Often the corporate sponsor expects something
in return for its investment in the project, such as advertising
or use of the project for publicity purposes. In addition,
many corporations also have philanthropic programs that
donate to tax-exempt charitable organizations. These programs
typically will not provide funds to a non-exempt filmmaking
project but may fund a fiscal sponsorship program. Fiscal
Sponsorship is a legal mechanism by which an established
public charity, that is tax-exempt under section 501(c)(3)
of the Internal Revenue Code, provides financial and administrative
assistance to selected filmmaking projects. The public
charity does not seek anything in return. A filmmaking
project selected for a fiscal sponsorship allows the project
to solicit tax-deductible contributions from individuals,
foundations, corporations or governmental organizations.
Q: Why does the Fiscal Sponsorship Program have
an application process?
A: IFP MN must insure that project activities are conducted
according to IRS regulations and will further the charitable
and educational purposes of IFP MN. Therefore, IFP MN
must establish discretion and control over the project
and the contributions received. The program accomplishes
this through an application process and internal policies
and procedures regarding grants to selected projects.
In addition, the producer of each accepted project must
enter into a sponsorship agreement with IFP to govern
the relationship between IFP MN and the project.
Q: Why does IFP need to establish discretion and
control over a sponsored project?
A: IFP MN is legally responsible for the funds received
on behalf of a sponsored project and must insure that
the project uses the funds for IFP MN's charitable and
educational purposes. IFP MN retains full discretion and
control over the use of the contributions received from
donors. In addition, IFP must insure that donor reporting
requirements are met.
Q: Once I am fiscally sponsored, have I become
a non-profit?
A: Being sponsored at IFP MN does not make the project
or production company a tax-exempt organization. The donors
gain the benefit of a charitable deduction for income
tax purposes by donating to IFP, a section 501(c)(3) organization.
Q: Does the project retain its own legal identity
if it has a fiscal sponsor?
A: A project in the IFP MN Fiscal Sponsorship Program
is a separate legal entity and is not a part of IFP MN.
As a result, the project retains creative control and
ownership of its work but remains responsible for tax
reporting and liability issues.
Q: Does fiscal sponsorship allow the project to
be absolved from tax reporting?
A: No. Contributions received by IFP MN and disbursed
through the IFP MN Fiscal Sponsorship Program may be treated
as income to the project. The Project is legally responsible
for proper tax reporting and should consult his or her
tax advisor.
Q: How does rendering my film affect my nonprofit
tax status?
A: It doesn’t, pencil-neck! |
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