Update about 1999 Collective's Fiscal Host, Open Collective Foundation
Published on March 14, 2024 by Alexa Hudson
Dear 1999 Collective supporters,
As you all know, the 1999 Collective is currently in fiscal sponsorship with Open Collective Foundation, a 501(c)(3) nonprofit organization.
Fiscal sponsorship is when an organization holds funds on behalf of smaller projects and are responsible for taxes, accounting, legal compliance, and financial administration, usually in exchange for a fee. Open Collective Foundation receives 8% of 1999 Collective's incoming grants and 5% of individual donations. In exchange, Open Collective Foundation provides a wealth of services, including access to a transparent fundraising platform and budget and the ability to receive tax-deductible contributions through Open Collective Foundation's 501(c)(3) status.
Recently, Open Collective Foundation announced that it is dissolving as an organization. 1999 Collective took immediate action to find a new fiscal host and begin the process of incorporating as a nonprofit and applying to receive our own 501(c)(3) status. This process takes approximately 8 months. Between now and receiving our own tax-exempt status, we plan to remain in fiscal sponsorship with a new fiscal host. All donations already received will transfer to our new fiscal host.
We have identified a new fiscal host, and are thrilled to move forward with them. Our agreement is currently being drafted. Once the agreement is finalized, we will announce our new partnership.
In the meantime, Open Collective Foundation is pausing contributions effective Friday, March 15th. If you are a recurring contributor, your donations will be paused and we will reach out soon with further information.
We are so grateful for all of your support! It makes an immense difference in our work and in the lives of young people in foster care in Utah. Thank you!
Thank you,
Alexa Hudson
As you all know, the 1999 Collective is currently in fiscal sponsorship with Open Collective Foundation, a 501(c)(3) nonprofit organization.
Fiscal sponsorship is when an organization holds funds on behalf of smaller projects and are responsible for taxes, accounting, legal compliance, and financial administration, usually in exchange for a fee. Open Collective Foundation receives 8% of 1999 Collective's incoming grants and 5% of individual donations. In exchange, Open Collective Foundation provides a wealth of services, including access to a transparent fundraising platform and budget and the ability to receive tax-deductible contributions through Open Collective Foundation's 501(c)(3) status.
Recently, Open Collective Foundation announced that it is dissolving as an organization. 1999 Collective took immediate action to find a new fiscal host and begin the process of incorporating as a nonprofit and applying to receive our own 501(c)(3) status. This process takes approximately 8 months. Between now and receiving our own tax-exempt status, we plan to remain in fiscal sponsorship with a new fiscal host. All donations already received will transfer to our new fiscal host.
We have identified a new fiscal host, and are thrilled to move forward with them. Our agreement is currently being drafted. Once the agreement is finalized, we will announce our new partnership.
In the meantime, Open Collective Foundation is pausing contributions effective Friday, March 15th. If you are a recurring contributor, your donations will be paused and we will reach out soon with further information.
We are so grateful for all of your support! It makes an immense difference in our work and in the lives of young people in foster care in Utah. Thank you!
Thank you,
Alexa Hudson