SPF vs Client Responsibilities

  1. SPF is established as a pass through fund, and acts as the 501(c)(3) fiduciary agent for all entities using SPF.
  2. SPF does not do the accounting for the individual projects or scholarships that use the fund.
  3. Each project or scholarship is responsible for it’s own accounting.
  4. The project or scholarship accounting must agree with the balance on hand with the SPF treasurer.  In the event of a discrepancy, the treasurer of the project or scholarship and the SPF treasurer shall reconcile their records to determine and correct the difference.
  5. All holders of the accounts maintained by the SPF must keep accurate records.
  6. Every project and scholarship program accepted by the SPF as its 501(c)3 fiduciary is required to submit an Annual Report within 30 days of the anniversary date of the project (date the project was accepted by SPF.)  The annual report, submitted by each project or scholarship director/coordinator, must detail the revenue and expenditures, the number of participants, and accomplishments.  The SPF Client Annual Report Form can be located on the Forms section of this Website.
  7. The SPF will send acknowledgement letters to donors of $250 or more. The project is responsible for sending acknowledgement letters to donors of less than $250.