Some fiscal sponsors won’t release any funds until you’ve provided a receipt or an invoice documenting your expenses. Fractured Atlas’s method strives to make things easier for you on a day-to-day basis, but does slightly increase your reporting responsibilities at the end of the calendar year. We require that all projects who have received donations or related funds through our program submit an annual report that outlines project activities and finances.
Your Annual Report should detail your project income and expenses specifically for the calendar year from January 1st until December 31st of the report year. The Annual Report is due on April 1st of the following calendar year. In January of each year, we will send you an email asking you to complete the report with a direct link to the online Annual Report Form. We will contact you three times via email to request that you submit the report.
The Annual Report form is an online form that we provide via our website (accessible only when logged in). The form will provide the total amount of funds received and disbursed for that year. The following information is required in the report:
A narrative account detailing your sponsored activities during the prior year. This narrative should explain what you accomplished towards the development and production of your project, how this furthered the charitable purposes pre-approved by Fractured Atlas pursuant to your Fiscal Sponsorship Grant Agreement, and the estimated number of artists and the general public that have been served by your work. We prompt you to provide a narrative with three guiding questions.
A budget/expense report. The budget/expense report details your actual expenses for the funds spent on the project, a percentage breakdown of how your funds were over three (3) general categories, and project revenue.
Work samples and documentation. This optional section is an opportunity to demonstrate what you have accomplished. You will be able to upload them directly into the annual report form.
Any project that does not complete an Annual Report by the deadline will have its fund frozen until it is completed. If your fund is frozen, Fractured Atlas will continue to accept donations for your project, however, you will not be able to release funds. Fractured Atlas may require the return of all funds released for the purposes of the project if the annual report is not submitted.
Important Note: Programmatic and/or Financial AUDITS
At any time, Fractured Atlas may decide to audit a sponsored project’s activities to ensure that the money we disburse is being used for the purposes originally outlined in the application for fiscal sponsorship. Since the funds we disburse must only be used for approved activities and programs, we reserve the right to request documentation to certify the project is being produced and executed as stated in the approved application. These audits are serious, so it’s important that you keep decent records of your activities. This may happen outside of the Annual Reporting process.