Sharing a commitment to the eradication of extreme poverty and a fundamental belief in transparent philanthropy, the Jolkona Foundation and Upaya Social Ventures have agreed to a fiscal sponsorship arrangement that will empower Upaya to connect donors directly to social entrepreneurs working in ultra poor communities.
"We're very excited to be partnering with Upaya as we feel the team's ability to demonstrate the outcomes of their activities closely mirrors our core values," said Jolkona CEO Nadia Mahmud.
The Jolkona.org platform was built to connect donors with a variety of global philanthropic opportunities, and requires participating organizations to show the impact of supporters' contributions. These fundamentals made for a natural fit with Upaya, where the aggregation of social outcomes data provides donors with a clear snapshot of how their support of an individual project is creating change. Every donor who gives to an Upaya project through Jolkona.org will be able to track the progress of initiatives they support through their individual giving portfolio on the website.
"For Upaya, partnering with Jolkona is a great way for us to create deeper connections between supporters and the work they're contributing to," said Steve Schwartz, Director of Strategy & Operations for Upaya. "The relationship also challenges us to hold ourselves to a higher standard of transparency and authenticity in our interactions with donors."
Through the agreement, Upaya will be classified as a project of the 501(c)3 Jolkona Foundation and thus be able to receive tax-deductible contributions designated for its work. Upaya will maintain independent operations through its own entity and management, while reporting quarterly to the Jolkona Board of Directors. All of Upaya's financials will be reported on Jolkona's annual IRS 990 filing throughout the term of the agreement. For more information on the relationship and variance power, click here.