Somerset Community Prepares for the Future with a Fiscal Sponsorship

Admin
July 23, 2020 / 5 mins read

Contact: Melissa Ford melissa@cfwabash.org

For Immediate Release

Date: 07/23/20


Somerset Community Prepares for the Future with a Fiscal Sponsorship

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Somerset, located at the southern edge of Wabash County, overlooking the Mississinewa Reservoir and off of IN-13, is a residential community of around 400 people. In the 1960s, Somerset was moved from its original location along the Mississinewa River when Mississinewa reservoir was built. To relocate, the Somerset Relocation Development Corporation (SDRC) divided the new land into plots to be sold. The proceeds from the land sales would then be used to sustain the community’s fire station, playgrounds and parks, community building, street lights, and other amenities not covered with tax dollars. Over the past fifty years, the cost to maintain the public spaces has nearly depleted the land sale funds. Seeking a long-term solution, the SDRC created the Somerset Preservation Committee, and member Jay Driskill sought fundraising help from the Community Foundation. How could the Somerset Preservation Committee do charitable work without being organized as a charity? How could the Committee raise funds to improve and preserve Somerset’s public spaces? Executive Director Patty Grant, offered a fiscal sponsorship arrangement with the Community Foundation.

With a fiscal sponsorship, the Somerset Preservation Committee, which is not a 501(c)(3) tax exempt organization, would be able to use the tax exempt status of the Community Foundation and address their community needs without starting their own nonprofit. Additionally, by using the Community Foundation’s tax exempt status, individuals who donate to the sustainability and preservation initiatives of the Somerset Preservation Committee are able to receive a charitable tax deduction for their gifts. A fiscal sponsorship partnership allows the Somerset Preservation Committee to focus on its goals and mission without needing to handle the administrative tasks and gift receipting required of a tax-exempt organization.

When an organization becomes fiscally sponsored by the Community Foundation, a nonpermanent fund is created in order for the Community Foundation to collect and administer contributions and make grants in support of the sponsored organization's charitable work. Driskill and the Somerset Preservation Committee’s initial goal is to raise $20,000 for the fund before requesting any grants. This dollar amount will help the fund grow and also provide hundreds of dollars in funding for Somerset’s public spaces, amenities, and playground without depleting the fund. While a non-permanent fund can be spent down, the Somerset Preservation Committee intends to maintain the fund at the Community Foundation indefinitely. “We hope residents will consider a gift to preserve their beloved home, perhaps on an annual basis, or through their will. A fund at the Community Foundation provides a vehicle for our community to preserve and maintain the beautiful place it is,” says Jay Driskill. To support the efforts of

the Somerset Community, visit cfwabash.org to donate to the Somerset Preservation Fund or mail a check with Somerset Preservation Fund in the memo line to the Community Foundation, 105 West Second Street, Suite 100, North Manchester, IN 46962.