When do I have to submit documentation of expenses with my fund release request?
For all fund release requests of $5,000 or more, you will be asked to provide documentation for your expenses. We will also request documentation for your first larger fund release request ($3,500 or more). Fractured Atlas reserves the right to request documentation for fund release requests of any amount and to request additional documentation if what is provided is insufficient.
How do I submit my fund release documentation?
Documentation can be submitted by uploading a document as an attachment to the fund release request form. You can also send documentation to us by email to firstname.lastname@example.org or by fax to 212-277-8025.
What kinds of documents are considered appropriate documentation of expenses?
Documentation can be in the form of:
- copies of signed invoices or signed contracts,
- quotes for goods/services,
- letters of agreement,
- screenshots of items you are looking to purchase,
- even emails from your payees confirming their service to your project and their payment amount.
We cannot accept:
- bank statements,
- check images,
What about documentation for paying collaborators, contractors, and vendors?
We can accept the following as documentation for payroll and contract labor:
- A signed contract detailing the terms of service and the amount to be paid.
- An invoice submitted by the artist/contractor billing your project (not to Fractured Atlas) that includes the date, services rendered, the amount to be paid, and the payee's letterhead, logo, and/or signature.
- An email chain between you to the artist/contractor detailing the terms of service, the amount to be paid, and their confirmation in response.
- A request submitted via Venmo/Paypal from the payee to your project including details about the services rendered and the dates in which they were performed.
- Exported data from payroll software or other third-party services.
If you have any questions about whether the documents you have on hand would be sufficient, feel free to ask us at email@example.com.
Why do you require fund release documentation?
It is considered a best practice of fiscal sponsors to provide oversight for the funds processed through their fiscal sponsorship programs. The oversight is necessary to confirm that the funds are being used for appropriate expenses related to the charitable activities that were approved by the fiscal sponsor’s Board. A charity cannot spend funds for purposes unrelated to its mission, so a fiscal sponsor needs to make sure the funds released to its fiscally sponsored projects are being used in a charitable way. Fractured Atlas provides oversight in three ways:
- We require a breakdown of expenses when the funds are requested.
- We ask for fund release documentation and require it in some cases.
- We require an annual report from anyone who has released funds throughout the year.