Lane Arts Council

“Lane arts council's fiscal sponsorship service allows small and emerging organizations to receive services and support from lane arts council. This includes receiving and dispersing designated funds according to the instructions of the grantors. It also includes bookkeeping, recordkeeping and financial reporting associated with management of the funds. If accepted for this service, the primary benefit of the grantee of fiscal sponsorship will be the expertise and credibility of lane arts council. It is not for the purpose of guaranteeing a tax deduction under the tax code. A project or program seeking lane arts council fiscal sponsorship will be evaluated on the following criteria. The project or program must submit appropriate material indicating: 1. Compatibility with lane arts council's exempt purpose, mission, goals and programs. 2. A clearly defined organizational structure and a well-planned project. 3. A budget that specifies expenditures and expected sources of income. 4. Performance credibility of the program or project. Lane arts council generally receives a fee of 10% of the total revenue received by the project. The fee will be assessed at the end of each month on revenues received in that month. If funds remain after completion of the project,the organization will assess a fee of 1% of the remaining funds at the end of each financial quarter. Any variation of these fees must be approved by the board of directors.”

“Lane arts council qualifies as a tax-exempt organization under section 501 (c)(3) of the internal revenue code. In addition, lane arts council qualifies for the charitable contribution deduction under section 170(b) (1)(a) and has been classified as an organization that is not a private foundation under section 509(a)(1). Lane arts council files form 990 with the internal revenue service. The returns for the years ended june 30, 2017 and forward are still open to examination. The organization has not reported any unrelated business taxable income for the year ended june 30, 2020. Management has concluded that there are no uncertain tax positions requiring the accrual of a liability or disclosure in these financial statements.”