Fund Release FAQs

How do I connect my bank account to Fractured Atlas for fund releases? 

Fractured Atlas uses a third party platform called Stripe for fund transfers. Before requesting a fund release, you will need to set up fund transfers with Stripe. You can find instructions on how to do so here. 

Why do I have to submit documentation of expenses with my fund release request? 

We acknowledge the extra time and labor this can sometimes take. Please know these policies are in place as a part of our requirement as your fiscal sponsor to maintain oversight over how funds raised through our program are used so that we can continue to maintain 501(c)(3) status and run a healthy fiscal sponsorship program that yourself and our 3500 other projects can continue to utilize. Thank you for helping us continue to do so!

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

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). However, Fractured Atlas reserves the right to request documentation for fund release requests of any amount, at any time, 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 [e-mail] or by fax to 212-277-8025. 

Can I pay myself for my work on this project? 

Yes! We love when artists are able to pay themselves for their work. We will just need an invoice billing your project (not Fractured Atlas) for your time and services. Please either sign this document or put it on personal letterhead. Examples can be found here. 

When should I submit a fund release request? 

You can submit a fund release request whenever you are ready for funds! You can release funds for any expenses that have already happened within your fiscal sponsorship or any expenses coming up within the next 90 days. We encourage projects to submit their fund release requests at least one week before the funds are needed. 

How long will it take to release funds to my account? 

Typically, fund release requests take 1-2 business days after submission to be reviewed and approved. This process can be longer if there are questions about your request or if there’s a need for additional documentation. Once the release has been approved, it takes 1-3 days for the funds to transfer to your bank account. We encourage projects to submit their fund release requests at least one week before the funds are needed. 

Can I submit multiple smaller requests in one week? 

Yes - however, if we see multiple fund release requests in one week that total $5000+, Fractured Atlas may reach out retroactively for documentation on those release requests. 

Please only submit one fund release request at a time - this helps us process your request as smoothly and efficiently as possible. 

Will Fractured Atlas pay contractors/vendors on my behalf? 

No - fund release requests can only be released to the project. From there, you will manage all vendor payments. This includes providing any necessary tax documents to your contractors at the end of the year. 

Can I release funds for scholarship awards? 

We can not release funds that will be re-granted to another entity directly. However, we can release funds that cover the operational expenses that allow scholarship programs that offer low-cost or free programming. 

I’m closing out my fiscally sponsored project. What documentation do you need from me to release my last funds? 

Documentation for your final fund release request follows the same rules as any other 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). 

If you are closing out your project to transfer funds to a new 501c3, we will only need the IRS Determination letter of that 501c3 as documentation.