After months of careful discussions and brainstorming, Bici Centro is pleased to announce that as of December 4th, 2007, we are formally a project of the non-profit Santa Barbara Bicycle Coalition (SBBIKE).
Why Bici Centro needs a fiscal sponsor
During its short tenure, Bici Centro has seen an impressive influx of support, in the form of donated bikes, parts, volunteer time and a number of cash donations totaling about $500. In addition, the Goleta Valley Cycling Club has granted our program $1,100 to purchase tools and repair stands for our shop. In order to comply with federal and state tax and business laws, Bici Centro either needs to become a not-for-profit business (and incur all expenses of doing so) or partner with an existing 501 (c)3 nonprofit organization, a partnership known as fiscal sponsorship.
Bici Centro organizers believe that the one year time frame of the fiscal sponsorship contract will give us adequate time to decide which Bici Centro programs will be most successful and financially viable and to assess the effectiveness of partnering with the SBBC as a fiscal sponsor.
What fiscal sponsorship means for SBBC
Under fiscal sponsorship, Bici Centro simply becomes a program of SBBC. That means the Bici Centro program is overseen by the current SBBC Board of Directors and files taxes under the umbrella of the SBBC. However, Bici Centro will have its own Board of Advisers, PO Box and keep its own financial records.
Many thanks to the Santa Barbara Bicycle Coalition for their support!
