Board policies work alongside a foundation’s bylaws or trust document to shape its structure. While bylaws or trust documents are legally binding and grounded in state law, policies are also binding but easier to amend. Written policies help the board meet legal duties and set clear expectations for members and staff. The number and type... 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
From a tax law perspective, a private foundation may pay “reasonable and necessary” administrative expenses. These also count toward its annual distribution requirement, without subjecting the foundation or its managers to a penalty tax. Administrative expenses must be (a) related to the accomplishment of the foundation’s charitable purposes, (b) related to its investments, or (c)... Read More