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Paramount Impact Policies

Fiscal Sponsorship Policy for Project Fund Managers

Fiscal Sponsorship Policy for Project Fund Managers

Policy Overview:

Paramount Impact acts as a Fiscal Sponsor for various charitable projects, managing and distributing funds to ensure they are used effectively for their intended charitable purposes. This policy outlines the responsibilities, procedures, and expectations for Project Fund Managers (PFM) who oversee sponsored projects. 

Responsibilities:

  • Access to Funds:
    • PFMs are granted access to charitable funds solely for activities that further the mission of the sponsored project as outlined in the project's description.
  • Reporting and Documentation:
    • Receipt Submission: All purchases made with project funds must be accompanied by receipts, which must be submitted to Paramount Impact no later than the 10th day of the following month. Receipts should include:
      • Date of purchase
      • Vendor name
      • Item or service description
      • Amount
      • Purpose related to the project's mission
    • Audit Compliance: PFMs must keep detailed, accurate records of all expenditures and provide these for review upon request. Paramount Impact may conduct periodic audits to ensure compliance.
  • Use of Funds:
    • Mission-Centric Expenditures: Funds must be spent in ways that directly support the project's stated charitable aims. Examples include program expenses, materials, or event costs directly linked to the mission.
    • Prohibited Uses: Funds cannot be used for personal gain, including but not limited to personal salary, personal travel unrelated to project work, or personal purchases.

Procedures:

  • Fund Request:
    • PFMs must submit a request for funds specifying the intended use, aligning with the project's mission. This request should be approved by Paramount Impact before disbursement.
  • Expense Reporting:
    • Monthly, or upon significant expenditure, PFMs must provide a report of all expenses, attaching corresponding receipts.

Reimbursement for Misuse:

  • Immediate Repayment: If an audit or review reveals misuse of funds for personal or unauthorized activities, the PFM must repay the misused amount within 10 days of being notified by Paramount Impact.
  • Consequences:
    • Failure to reimburse will lead to:
      • Immediate termination of the fiscal sponsorship agreement.
      • Reallocation of remaining funds by Paramount Impact, possibly to another charitable initiative or back to donors if feasible.

Audit and Compliance:

  • Paramount Impact reserves the right to conduct audits at any time to verify the appropriate use of funds. PFMs are expected to cooperate fully with all audit requests.

Contact Information:

For questions or to submit required documentation, please contact:

  • Paramount Impact
  • Email: Team@ParamountImpact.org
  • Phone: (480) 608-3000

Updated 12/18/2024