Fiscal Structures

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Possible Fiscal Structures

Fiscal Sponsorship

  • Fiscal Sponsorship Agreement with Affiliate Organization(will need to be created by Chapter and Affiliated Organization then submitted to NOMAS Council for approval).
  • NOMAS Licensing Agreement with NOMAS for Brand
  • Create Bylaws (Required by NOMAS- see NOMAS Bylaws for example)

All structural decisions will be based on the Agreement set upon by the Chapter and the Affiliate Organization. Year end tax filing will be decided by Fiscal Sponsorship Agreement.

 

Chapter files for Independent 501(c)3 Status

  • NOMAS Licensing Agreement for NOMAS Brand
  • File as Nonprofit Corporation with resident State
  • File EIN #
  • File for Nonprofit tax exemption ($400- $800- depends on projected donations for next 4 years)
  • Create Bylaws (Required by NOMAS-see NOMAS Bylaws for example)
  • Form Board
  • Create Annual Budget
  • File for Fundraising in resident State or complete Unified Registration Statement if Chapter has a website that collects donations (Depends on how much money is received and resident state guidelines. Chapter will need to follow Secretary of State fundraising requirements. The National Council for Nonprofits has a list of resources also.)
  • Will be required to file 990 form at the end of the fiscal year.

 

Group Exemption

  • Group Exemption letter filed by Central Organization- all subordinate organizations must have EIN # and must be filed with group exemption letter
  • See IRS Publication 557
  • File for Fundraising in resident state or complete Unified Registration Statement if Chapter has a website that collects donations (Depends on how much money is received and resident state guidelines. Chapter will need to follow Secretary of State fundraising requirements.)
  • NOMAS central organization will decide if it will file a combined 990 or if each Chapter will file their own.

 

Group Exemption Agreement- Liability Contract between the Subordinate Organization and the Central Organization. Group Exemption acceptance is based on the chapter’s ability or history of financial reporting and accountability.

 

An Affiliate Organization Agreement is required regardless of fiscal structure. The NOMAS Central Organization must approve of the requested Affiliate Organization and NOMAS Affiliate Organization Application set forth by the applying chapter. The proposed Affiliate Organization’s mission must adhere to the tenets and principles of NOMAS.