Fiscal sponsorship provides financial services and avoids infrastructure costs

Martha’s Vineyard Diversity Coalition (MVDC) has entered into a Fiscal Sponsorship Agreement with the Martha’s Vineyard Community Foundation* (MVCF). This arrangement allows MVDC to avoid infrastructure costs associated with with financial management and control of funds raised by MVDC for its Projects and Programs. This helps MVDC to keep costs at a minimum so that we don’t have to hire accountants or bookkeepers which MDCF provides for us. This fits perfectly with our intent to focus on the important needs of racial equity and to minimize the attention we would otherwise have to give both to paying salaries and benefits for financial personnel and to hiring and managing them.

Sandra Pimentel, Interim Board Chair for MVDC, commented, “This agreement gives us the relief to just keep our heads down and to keep striving toward the eradication of racism while relying on MVCF for managing our financial assets.” Board Trustee, Patricia Washington, who serves as the MVDC Treasurer, added, “The Fiscal Sponsorship Agreement allows me to focus on the “big picture” financial needs of our growing organization while the day-to-day management of MVDC’s funds are in the competent hands of MVCF’s financial personnel.”

The relationship between MVDC and MVCF and, in particular, the Fiscal Sponsorship Agreement between the two organizations, is disclosed in all communications in which that relationship is important, particularly where donors may be considering contributions to MVDC.

*Martha’s Vineyard Community Foundation was known until recently as the Permanent Endowment Fund For Martha’s Vineyard.