 |
| Liz White |
Wide Eyed Productions is proud to announce its official not-for-profit 501(c)(3) status. We caught up with Wide Eyed co-founder and Board chair Liz White to find out exactly what that means for the company and its donors.
- In addition to being one of the founders of Wide Eyed Productions, you currently serve as its Board chair. What exactly does that role entail, and what's your favorite part about it? Least favorite part?
Right now, Wide Eyed is building its Board
and bringing in new talents and skill-sets. We are really working on getting
out of the “founding” Board stage, and moving into the “governing” Board stage.
As a result, my role has been building the infrastructure of the Board by
creating functioning Board committees, engaging in strategic planning and
requiring full Board participation in fundraising, and so much more.
My
favorite part is working with all the bright and committed Board members. I
work with non-profit Boards in my work life and I can say, hands down, this is
the most active Board I have ever worked with. It’s a rarity if someone can’t
participate.
I can’t say I have a least favorite part, but there are
definitely challenges. The biggest challenge is that our budget is small and we
don’t have a staff. As a result, the Board fills in the gaps where a staff
member would normally in other organizations. It makes it difficult to get out
of the founding Board stage when you still have to operate like a grassroots
organization. Slowly but surely!
- Wide Eyed has, up until now, been operating under the umbrella of a fiscal sponsor organization (Fractured Atlas). Can you please explain what that means, in civilian terms?
Basically,
[operating under] Fractured Atlas allows organizations to use [Fractured Atlas’s]
non-profit identification number so the organization can fundraise and give
their donors tax receipt letters. An organization would choose to be fiscally-sponsored
if they didn’t want the legal responsibility of being a 501(c)(3), were [a] very
small [organization], only did programs every so once in a while, and/or didn’t want
to go through all the paperwork to be independent. When Wide Eyed first started,
we didn’t know where we were headed, so it made sense. Now, we need more
independence. It means more work for the Board because we need to have strong
financial controls in place and proven Board leadership, but it also means we
can apply for grants without going through a third party. We can throw our first annual gala; we can pay people in our
shows; we have a direct cash flow and don’t have to ask Fractured Atlas to release
funds, etc.
- What upcoming activities or funding opportunities can Wide Eyed look forward to now as a 501(c)(3) organization?
Grants,
grants, grants!!! Bigger and better events!!!
- Speaking of bigger and better events, Wide Eyed has its first annual gala coming up in September, which we are very excited about. Can you tell us a little bit about how not-for-profit status will benefit our donors?
With our 501(c)(3) status, any
donation we receive is a tax-deductible donation, whether it is for an auction
item, or a ticket, or just a general donation. The benefit is going to be
rockin’, so be sure to buy your tickets for the gala before the early bird
special ends in July!
- Did you foresee Wide Eyed becoming at 501(c)(3) organization when the company was first started? How does it feel to know, after seven years, we're "official"?
No comments:
Post a Comment