Fiscal agents are nonprofit corporations that support other nonprofits, for-profit businesses and others who are working to improve communities or address issues by helping them manage and access from grants, philanthropy, government programs or others. Fiscal agents become responsible for administration and reporting of the funds. Fiscal agents withold a percentage of the funds to enable these necessities, but release most of the funds received to the partner.
Good Hood established a fiscal agent function in an effort to increase speed of pass-through and lessen administrative costs to recipients. Grants and grantees must align with Good Hood’s 501(c)3 designation per the U.S. Internal Revenue Service, and a contract specifying all terms must be signed by authorized designees of the Good Hood Foundation and the recipient. Funding sources and funding recipients must be based in the United States at this time.
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