NGOsource Launches To Streamline International Grantmaking
Tuesday, 19th March 2013 at 8:52 am
A new US online service called NGOsource is set to help U.S. grantmakers streamline their international giving.
A project of the Council on Foundations and TechSoup Global, NGOsource employs a streamlined process (known as equivalency determination or ED) to determine if a non-U.S. organisation is equivalent to a U.S. public charity and creates a central repository of certified EDs that will benefit both U.S. grantmakers and the international organizations they support.
Inaugural members of NGOsource include The Rockefeller Foundation, Intel Foundation, The William and Flora Hewlett Foundation, Give2Asia, The Greenbaum Foundation, and Schwab Charitable, with some of these grantmakers issuing 100 or more international grants annually. NGOsource is currently processing equivalency determinations for its members.
In September 2012, the U.S. Department of the Treasury and the IRS proposed new regulations designed to facilitate international philanthropy by lessening the administrative and financial burdens for U.S. grantmakers making equivalency determinations.
NGOsource says it will help grantmakers take advantage of the new opportunities it opens up for making EDs in an efficient, responsible, and cost-effective way.
“Many years ago, the Council recognized that to provide its members with the ability to advance and sustain the common good, it had to develop a more streamlined process for cross-border funding, Vikki N. Spruill, President and CEO of the Council on Foundations said.
“Since then, the Council has worked in close collaboration with the U.S. grantmaking community to encourage the recent change in international grantmaking regulations that decreases barriers for global philanthropy. The announcement of new equivalency determination regulations represents a significant win for global philanthropy and will pave the way for organisations such as NGOsource to facilitate this process.
“The need for increased global philanthropy to address the myriad of challenges we face around the world has never been greater. The launch of NGOsource will dramatically accelerate the delivery of funds to the NGOs best suited to tackle these issues head-on,” Spruill said.
“With NGOsource, U.S. grantmakers can now swiftly respond with ease and confidence to the needs of grantees around the world.,” Rebecca Masisak, CEO of TechSoup Global said.