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Henrico Education Foundation is proud to be the 501(c)(3) fiscal sponsor for initiatives and projects that improve outcomes for HCPS students, along with their teachers, schools, and communities, through the division.
What is Fiscal Sponsorship?
Fiscal sponsorship allows education-based, mission-aligned projects to operate under Henrico Education Foundation’s 501(c)(3) status and accept charitable funding from foundations and individual donors. The Foundation holds all fiduciary responsibility for a project while project leads remain the experts on programming.
Why Choose the Henrico Education Foundation?
- Access Expertise in Financial Management:
- Our team has extensive experience in financial management and grant management. We audit all funds yearly, and our accounting practices always align with the latest Federal and state laws.
- Engage Donors & Funders:
- We provide an established, reputable vehicle for funding from individual donors and private foundations. Donors receive tax donation letters, and as our fiscally sponsored project, your work is eligible for foundation grants.
- Which projects and departments are active?
- HEF currently sponsors funds for CTE, Family and Community Engagement, McKinney-Vento, and CodeRVA. HEF can accept and distribute funds for other projects.
- How Does This Work?
- HEF offers what’s often known as Model C fiscal sponsorship. In this Model, projects (often schools or departments) fundraise on behalf of their charitable work. Those funds go to HEF, which ensures they are spent only on the work for which they are intended. HEF disburses funds to the project team, which is then responsible for tracking how those funds are spent and reporting back to HEF.
- What are the Costs?
- Each project allocates a portion of all funds it raises towards these costs. Currently, our shared cost rate stands at 8% annually.
If you are interested in setting up a fiscally sponsored project, please contact Michael Wertz.