Fund Release Documentation Overview

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.

Why do we require fund release documentation?

As required by our fiscal sponsorship grant agreement, Fractured Atlas must provide oversight for the funds processed through their fiscal sponsorship programs. This oversight is necessary to confirm that the funds are being used for appropriate expenses related to the charitable activities that were approved by Fractured Atlas's Board. A charity cannot spend funds for purposes unrelated to its mission, so as a fiscal sponsor, Fractured Atlas 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:

1. We require a breakdown of expenses when the funds are requested.
2. We ask for fund release documentation and require it in some cases.
3. We require an annual report from anyone who has released funds throughout the year.
4. In rare cases, we may perform periodic audits on projects, per the fiscal sponsorship grant agreement.

Collecting this documentation as you go is also great preparation for tax season and your personal tax filings.

What kind of documents work for fund release requests?

Documentation does not need to be for items or personnel already paid, they can be anticipatory, or it can be for reimbursements! We cannot accept spreadsheets, budgets, bank statements or check images as documentation. You can find templates and examples of acceptable documentation here. 

If making a request for reimbursement of expenses already paid, documentation must include: 

• Date: Date must be within the time you've been fiscally sponsored by Fractured Atlas
• Project Name and/or Legal Entity (not needed on receipts)
• Vendor or contractor name
• Description of services or item 
• Amount paid
• Confirmation from payee - ex: signature, letterhead, payee generated receipt, request for payment from payee, etc. 

If making a request for funds that have not yet been spent, documentation must include: 

• Date: Must be within the next 90 days of the fund release request 
• Project Name and/or Legal Entity (not needed on receipts)
• Vendor or contractor name
• Description of services or item 
• Amount to be paid
• Confirmation from payee - ex: signature, letterhead, payee generated receipt, request for payment from payee, etc.