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 of policies your board uses depend on your foundation’s size and needs. Boards can create policies on any matter that requires them.
Standard Policies Many Foundations Adopt
- Board compensation
- Board membership and meetings
- Conflict of Interest
- Disaster and emergency response
- Discretionary grants
- Ethics
- Fundraiser attendance
- Investment
- Personnel
- Records retention
- Spending
- Travel and expense reimbursement
- Whistle-blower
Other Commonly Documented Topics
- Advocacy guidelines
- Board learning plan
- Board succession plan
- CEO/executive director/top administrator succession plan
- Disaster preparation plan
- Donor intent
- Grant guidelines
- Grant strategies
- Professional development plan
- Strategic or long-range plan
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