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Many new nonprofits are excited to start offering their services to the community, but have not yet received 501(c)3 designation from the IRS. The only issue you face while you wait for this designation is that you cannot fundraise without it. Tax-exemption is only qualified if moneys were contributed to an IRS designated 501(c)3 entity. This also disqualifies you from grants until approved. This is where fiscal sponsorship comes in.