Understanding Board Policies Board policies complement a foundation’s bylaws or trust documents by shaping its structure and operations. Bylaws and Trust Documents: These are legally binding and rooted in state law. Policies: While also binding, they are easier to amend and provide flexibility for governance. Written policies help boards fulfill legal duties and establish clear... Read More
Keeping organized records throughout the year is essential to crafting an informative and impactful annual report with ease. Here are some practical tips to streamline the process: Create a Dedicated Folder Early. At the start of each year, set up a physical or digital folder specifically for materials you’ll want to reference. Include lists of... Read More
Understanding Foundation Administrative Expenses From a tax law perspective, private foundations are allowed to pay “reasonable and necessary” administrative expenses without incurring penalty taxes. These expenses also count toward the foundation’s annual distribution requirement, provided they meet certain criteria. What Qualifies as an Administrative Expense? To be considered an administrative expense, the cost must fall... Read More