Practice Point definition
Practice Point. The above subsection
Practice Point. To avoid donor confusion and administrative complexity, unless there is a compelling need to structure otherwise, we recommend there only be one fiscal sponsor/legal home for any given Project.
Practice Point. We recommend the fiscal sponsor have simple fundraising guidelines that are shared with Project leadership including expectations on how much lead time the fiscal sponsor needs to review grant applications prior to official submission.
Examples of Practice Point in a sentence
Practice Point: Determine type and frequency of reports to send to Project.
Practice Point: Advancing funds on committed revenue sources can be very helpful for projects that have reimbursable grants/contracts; essentially providing a line of credit.
Practice Point: For approving expenses, certain recurring expenses such as phone/internet bills should receive blanket approval so an approval isn't required every month.
Payment Standstill Provision • Practice Point: Principal and interest are always subject to payment blockage after an event of default, but fees and costs can be included in permitted payment provisions, before and after an event of default.
More Definitions of Practice Point
Practice Point. The last sentence immediately above is suggested language for when project leaders desire to sign. Such a decision should be approached carefully. Additionally, the boards of fiscal sponsors could, by board resolution, delegate signatory authority to project directors for contracts under certain thresholds. Even so, a best practice is that the fiscal sponsor always is able to review and approve any agreement prior to it's execution, regardless of who is vested with the authority to sign.
Practice Point. This template has the Steering Committee as the counterparty to the Fiscal Sponsor. In ‘Model A’ arrangements, we recommend the Project Director, rather than the Steering Committee, be a direct party to the Agreement only in instances where a steering committee has not yet been established in which case, the Director sits in as signatory until a steering committee is created and once created, the agreement is updated to list that steering committee as a party to the agreement. Such an arrangement, including the timeline for establishing the committee, should be clearly written into the fiscal sponsorship agreement.
Practice Point. The names "Fiscal Sponsor" and "Steering Committee" and "Project" are just suggestions to describe the parties throughout the agreement. They hold no special legal meaning here and can be replaced with other identifiers (e.
Practice Point. Consider including the above section if English is not the primary language of one of the parties.
Practice Point. Although most fiscal sponsors assess this cost allocation when revenue comes in, some fiscal sponsors assess this as funds are expended. Others have different structures. There is no one size fits all approach and the structure chosen should support the dual goals of fairness and sustainability.
Practice Point. A general template for Exhibit B describing the Project is found at the end of this document.
Practice Point. The names "Fiscal Sponsor" and "Project Partner" are just suggestions to describe the parties throughout the agreement. They hold no special legal meaning here and can be replaced with other identifiers. Whatever name is used to identify each party should be used consistently throughout the agreement.