I’ve finished fundraising and I am being fiscally sponsored by another 501(C)(3). How do I close out my campaign and access the funds raised?
1. Gather documents and payee contact information
Email us a copy of your fiscal sponsor’s federally issued tax exemption letter from the IRS. This must be a letter issued by the federal IRS, and cannot be a state exemption letter. If you don’t have access to this document, we can obtain it from your fiscal sponsor.
2. Confirm your budget
Because of ioby’s flexible finish policy, some teams may raise more, or less, than they originally expected. We’ll ask you to confirm and update your project budget based on the total amount of funds that you actually raise (after subtracting fees). For instance, if you raise more than what you originally expected, be ready to tell us how you plan to spend the additional money on your project.
At this point, your campaign will no longer accept donations but will remain live at ioby.org for you to post updates and share progress with your donors.
3. Sign an electronic contract
Once we've received your IRS issued tax exemption letter, payee contact information, and confirmed your budget, ioby will send you your project contract. This contract will be delivered and signed electronically by you, ioby, and your fiscal sponsor and you will provide the payee information and address.
4. Celebrate with a big thank you
You've probably thanked your donors along the way as they've made their gifts to your ioby campaign, but reaching your goal is a big milestone. We recommend celebrating and thanking your donors at this stage, and set yourself up for future success as well. There are several ways to do this, and your Leader Success Strategist can help you leverage your campaign page’s “Updates” feature to celebrate your success.
5. Receive your funds, implement your project.
We’ll review your contract and send your funds by check or by secure e-payment. You can expect to receive your payment within 7 business days after completing the previous steps (faster if you enroll in e-payment).
NOTE: If you're using ioby's fiscal sponsorship service
Be prepared to send ioby copies of receipts for all the purchases made for your project. If you're making purchases in advance be sure to save those receipts too. Click here for more information about receiving your funds when you're using ioby's fiscal sponsorship.
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