Fiscal Sponsorship for Park Advisory Councils
The Chicago Parks Foundation is proud to present any interested Chicago Park Advisory Councils the opportunity to join the fiscal sponsorship program and banking platform between the Chicago Parks Foundation and our official banking sponsor, MB Financial Bank.
We thank you for all you do to support our Chicago parks. Our Park Advisory Councils often are the eyes and ears of our beautiful parks. We appreciate you and value what your PACs bring to our collective work. The following benefits are included in or fiscal sponsorship program:
Benefits of joining the program include:
- Free banking account with MB Financial
- Ability to use CPF’s 501(c)(3) status to help fundraise for tax deductible gifts
- Use of sales tax exemption on park purchases related to PAC projects
- Business cards provided for PAC outreach
- Regional monthly phone conference to share events and ideas with neighboring parks
- Bank of America Chicago Marathon “Give-Back” Program (details to follow)
- Event planning guidance
- Quarterly park-focused workshops
- Discounted invites to select CPF events
Thank you for teaming up with the Chicago Parks Foundation!
We look forward to working with you to enhance our parks and communities!
We are thrilled with MB Financial’s generosity when designing this banking program for Partnerships for Parks. PACs will receive multiple benefits with the MB checking account set up through Partnerships for Parks. If you sign up for the program and are approved, your PAC will receive free checking and online banking with no minimum balance.
To apply for the program, your PAC must:
- Submit the agreement for fiscal sponsorship through the Chicago Parks Foundation and the $75 payment made payable to the Chicago Parks Foundation. DOWNLOAD Fiscal Sponsorship Agreement
- Upon receipt and approval of the application, CPF will provide you with the appropriate materials for applying for MB Financial’s banking program. Please return these to us, and we will submit the forms to MB so you can start setting up your account.
- After account set up, your PAC will receive CPF Federal Tax ID letter and sales tax exemption letter.
Again, we are pleased about the opportunity to provide this service to your PAC, and hope it results in fruitful fundraising and programming for your park!
Please fill out the application and send it to Erica Acosta at firstname.lastname@example.org
Questions? Contact Erica at (312) 742-5795
Applying for a grant? Let us know! Fill out an Intent to Apply Form.
FAQs on Fiscal Sponsorship
How is Partnerships for Parks different than another type of fiscal sponsorship program?
Chicago Parks Foundation’s Partnership for Parks program offers PACs fiscal sponsorship along with the free checking with no minimum balance as well as access to Forefront resources. In order to sustain our support of your PAC, workshops on bookkeeping, budgeting, and other topics will also be offered throughout the year for PACs who join the program.
Will the account come with a debit card?
Yes, a debit card can be ordered. You will only be able to use it with the PIN. Any purchases over the dollar amount available will be declined.
Does the Chicago Parks Foundation assess a fee for funds collected or checks issued to CPF?
No fees will be assessed, but we encourage PACs to collect, account for and acknowledge gifts accordingly.
How do we acknowledge gifts?
Donor gifts should always be recognized with an acknowledgement letter from your PAC. Upon joining, your PAC will receive the appropriate language to include in your PAC’s unique acknowledgement letter for donations.
What happens if I overdraw the account or bounce a check?
Any items above the available balance in the account will be declined. You will be responsible for any fees incurred.
How do I access my accounts?
Online banking access will be set up for all signers. Temporary User ID/Passwords will be sent individually. Mobile Banking is also available.