Partnership for Parks
PAC Fiscal Sponsorship Agreement

Thank you for partnering with the Chicago Parks Foundation! Please read the full agreement before completing the online renewal form at the bottom of the page. 


The Chicago Parks Foundation ("CPF," "we," "us," or similar language) is a 501c3 nonprofit organization organized under the laws of the State of Illinois. We are qualified as exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code. As a nonprofit organization, we are organized for certain purposes only and everything we do must fit within the charitable purposes of our mission: "to build a stronger community dedicated to supporting and conserving parks in Chicago." 

CPF Contact Information: 

Erica Acosta
Manager of Community Outreach
(312) 742-5795

Willa Iglitzen Lang
Executive Director
(312) 742-5105

Chicago Parks Foundation
541 N Fairbanks Court
Chicago, IL 60611

You are a neighborhood organization or Park Advisory Council ("you," "your," "Park Partner," or similar language) and have received or may receive funds to be used to improve your park and/or park projects. You have designated the Chicago Parks Foundation as your fiscal sponsor. 

Duration
The terms of this letter of agreement start on the date entered in the form below, and will be reevaluated (1) year after the effective date. This agreement may be extended by the mutual written agreement of the parties. Either party may terminate this agreement with 30 days written notice. This agreement may be amended only by mutual, written consent of the Park Partner and CPF. Notice of changes shall be sufficient if given to the parties at the address listed above. 

Fees & Costs

  1. You agree to pay an annual fiscal sponsorship fee of $75 and agree to use our designated bank partner, MB Financial Bank. The sponsorship fee will be collected at the time the application is submitted and before assistance of the listed projects. 
  2. CPF will not assess any fees for funds directed to the Foundation and expects that you collect and record donations appropriately. Any gifts over $5,000 MUST be made payable to the Chicago Parks Foundation, where they will be recorded and donors will be acknowledged. Checks will be reissued to the PAC with the proper documentation (invoices) for expenses. NO fee will be assessed for this service. 
  3. You agree to pay hard costs including bank service charges, credit card fees, processing fees, equipment rentals, etc. Per our exclusive agreement with MB Financial Bank, checking is free with no minimum balance. A $37 overdraft fee is incurred upon overdraft, for which the PAC signers are responsible. CPF will receive updates from MB about banking. If overdraft occurs 3 times, this fiscal sponsorship agreement shall be terminated. 

Roles & Responsibilities

Chicago Parks Foundation shall: 

  1. Provide to Park Partner CPF Federal Tax ID Letter and the CPF Illinois sales tax exemption letter. 
  2. Initiate partnership between you and our designated bank partner, MB Financial Bank, and provide a letter to MB Financial Bank stating that CPF is your fiscal sponsor. 
  3. Provide marketing consultation for your organization, including CPF visual identity usage information upon request. 
  4. Provide link to your website and promote your events on the CPF website when requested/applicable. 
  5. Reissue checks to you for gifts over $5,000. 

Park Partner shall: 

  1. Utilize MB Financial Bank for banking services and open account through this fiscal sponsorship program. 
  2. Acquire Tax ID number for banking and tax reporting purposes only for your PAC. You may still use the Chicago Parks Foundation Tax ID number to collect donations and for tax exempt purchasing. If your PAC does not have a TIN, you can apply here
  3. Maintain financial records of contributors and expenditures, and submit semiannual bank statements and income/expense reports to CPF. (Reports due January 30 and July 30 of each year.) 
  4. File annual tax compliance reporting and submit a copy to CPF (i.e. IRS and State of Illinois). 
  5. Disburse funds in accordance with the stated contribution purpose and only for projects outlined in the agreement form below. Use Illinois state tax exemption solely for fundraising purposes of your park. 
  6. Receive and safeguard donations and contributions, and send the appropriate acknowledgement of tax deductible contribution to all contributors. 
  7. Avoid overdraft of checking account. Upon each overdraft, a $37 penalty will be charged and CPF will be informed. CPF reserves the right to remove a PAC from the program and terminate this contract if accounts are abused; that is, if your account is overdrawn 3 times, your PAC will be removed from the program. 
  8. Include our logo/name on your distributed fundraising materials including event flyers, postcards, posters, banners, websites, e-newsletters, social media, etc. 
  9. Retain all books, records, or other documents relevant to this agreement for 3 years after this agreement is no longer in effect. 
  10. Notify CPF of any grant applications and gifts.

Language at the end of acknowledgement letters should read: 

The Chicago Parks Foundation is serving as fiscal sponsor to the ____ Park Advisory Council. Executive Board members of the ____ Park Advisory Council have the authority vested in them through the Chicago Parks Foundation to use the tax status and sales tax exemption letter for the purposes of fundraising for park related activities. The Chicago Parks Foundation is a 501c3 nonprofit organization (FEIN Tax ID#: 45-4866050). Please consult with your tax advisor for tax deduction direction for your gift. 

Interpreting this Agreement
Your organization agrees to identify and hold CPF harmless from and against any and all loss, damage, injury, and liability arising from the deposit, investment, use, or disbursement of funds pursuant to this agreement. This indemnity shall apply whether or not an indemnitee was claimed to be negligent.

This letter agreement does not constitute a partnership or joint venture between CPF and the Park Partner. Neither party has the right to obligate the other in any manner whatsoever.

The duties and obligations that the parties have agreed to perform under the terms of this letter agreement shall not be assignable to any third person or entity without the express written consent of the other party. 

This letter agreement shall be construed in accordance with the laws of the State of Illinois. 


Agreement Form

After reading the above information, please complete the form below to renew your Partnership for Parks agreement. This form is meant for returning Park Partners only - if you are applying to our fiscal sponsorship program for the first time, please contact Erica Acosta at (312) 742-5795 before completing this form. 

This agreement is made and entered into on *
This agreement is made and entered into on
PAC PROJECTS
PAC CONTACT INFORMATION
Please designate a representative of your PAC to serve as point of contact between your PAC and CPF.
Name *
Name
Park Affiliated Address *
Park Affiliated Address
Please do not list a personal address.
Phone *
Phone
http://
CONFIRMATION
If you agree to the terms and conditions set forth in this letter agreement, please check the "I Agree" box below. By checking this box, you represent that you are authorized to sign this letter agreement on behalf of each person within your group. *

 

FAQs

When is the annual sponsorship fee due to CPF? 
$75 fee is due with the PAC application. Subsequent annual invoices will be mailed at the end of each calendar year to commence next year's membership. 

Will the account come with a debit card? 
Yes, a debit card can be ordered. This card can be used to make direct debit purchases. 

Why does my PAC need to apply for an EIN? 
The Employer Identification Number (EIN) is used for opening the bank account and for tax compliance reporting associated with your account. As part of the fiscal sponsor program, your PAC may still use the CPF Tax ID number to collect donations and for tax exempt purchasing. (All PACs part of the fiscal sponsorship program will need to file a 990-N e-postcard found on the IRS website link in your agreement pack.)

Does CPF assess a fee for funds collected or checks issued to CPF?
No fees will be assessed. CPF encourages PACs to collect, account for, and acknowledge gifts accordingly. (CPF can provide additional support to individual PACs when they want to commence a larger fundraising project. Various management, gift collection, or accounting services needed can be discussed and, typically, there is an additional fee assessed. More information available upon request.)

What does my PAC do with large gifts? 
Any gifts over $5,000 must be made out to CPF, where they will be recorded and donors will be acknowledged. Checks will be reissued to the PAC with proper documentation (invoices) for expenses. Again, no fee will be assessed. 

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 personalized acknowledgement letter for donors. 

What happens if I overdraw 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 will be set up for all signers. Mobile banking is also available.