Hiring takes a good deal of time and sometimes money. The more thorough and careful your recruitment process is, the more likely the staff you choose will be successful and long term. Here are several tips: Decide whether to manage the search internally or with outside assistance—If your foundation decides to handle it, designate a... Read More
Any foundation that compensates any individuals for their services, whether those individuals are full-time employees, part-timers, or board members, can set up a pension plan for those individuals. Of course, tax-exempt organizations don’t gain the same tax benefits from pension contributions that for-profit organizations achieve. A pension plan, though, is a common element of compensation... Read More
Generally, a worker may be classified as an independent contractor if the employer has the right to control or direct the result of the work but not the means or methods of accomplishing the result. The Internal Revenue Service (IRS) uses a 20-factor test to determine whether a worker is an employee or an independent... Read More
Individual or one-off transactions—Small-staffed foundations can make investments sporadically as opportunities arise that align with their goals. This approach allows a foundation to be flexible; however, it may reveal capacity constraints because since staffing and structures are not designed to support frequent impact investing. PRI approach—Some private foundations make only below-market rate investments that count... Read More
A few simple policies and processes can help trustees to make consistent, unbiased, and thoughtful decisions, including: Conflict of interest policy to minimize the potential for bias and unethical decision making Internal financial controls (and perhaps a whistle-blower policy) to ensure proper financial oversight An investment policy statement to help trustees uphold their fiduciary duties... Read More
Agendas can be detailed or broad brushstrokes, but they always help organize the flow of the meeting and keep the meeting on time and everyone on target. A good agenda also contributes to the discussion itself, keeping the topics coherent and interesting. An agenda can clarify when the board is being asked to advise and when... Read More