[sudo-discuss] Fiscal Sponsorship agreement going into effect

Hi everyone, I am a Sudo Room member who has been volunteering a lot in admin work for the last year, and am at least the sudo room president in name. But also I'm on the board for Omni Commons. Omni Commons is still fiscally sponsoring Sudo Room, since Sudo Room isn't yet ready to act as a nonprofit. The planned update to the fiscal sponsorship agreement between Omni Commons and Sudo Room (and the other groups sponsored by Omni) has been decided to go into effect starting June 1st. - The agreed on fee was 8% of total receipts. Here is the document https://docs.google.com/document/d/1JeImeQK0ugbb7Ewys5H9mufxyX_NFikeoVr_Rnm… ) - The agreement needed to be updated after the building sale because Omni Common's nonprofit no longer has any income otherwise --- before "fiscal sponsorship fees" were rolled into each sponsored project's rent. Now that Omni no longer owns the building/collects rent, it instead will collect funds through fiscal sponsorship fees. - Funds are needed since Omni Commons still has some debts, and has been paying for Sudo's insurance since the building sale. 8% was chosen as a comparable rate to most organizations providing fiscal sponsorship. Also, since Sudo Room and Free Store have not been making any contributions to the Omni Commons nonprofit, me/Omni's board is also asking if Sudo Room can contribute towards insurance payments since September 2024. I haven't done the accounting on this yet, and we are also waiting to get another insurance refund which will change the amount. I know Sudo Room doesn't have a lot of money coming in so we are more seeking extra donations for this. Tldr: Sudo Room, at least while sponsored by Omni, will need to start keeping track of how much it makes in donations and member fees, and then pay 8% of that back to Omni. Sudo Room is still on the Omni board, so it can join the Omni delegate/board meeting to discuss more! The next one is on June 12th. Paige