Start with our publication Keeping Good Records: Small Foundations’ Guide to Staying Organized. It reviews the recommended documents to keep, and for how long, as well as other tips for archiving and organization. State law may influence how long certain documents should be kept, so you should check the requirements for your state as well.... Read More
Yes. Health insurance is commonly offered to foundation staff. Less common is for a foundation to offer it as a benefit to board members. Although it is legal to offer it to board members, the cost to the foundation must be shown as compensation to that board member and reported on Form 1099. For more... Read More
Private foundations, or PFs, occasionally consider making investments in vehicles in which one or more of their disqualified persons, or DPs (e.g., officers, directors, substantial contributors) also have invested or also are considering an investment. A handful of IRS private letter rulings address the issue of co-investment and self-dealing, allowing us to extract the key... Read More
An Exponent Philanthropy member who serves as foundation trustee and treasurer, as well as a private banker and financial advisor, wrote this advice on transforming foundation bookkeeping. You may also appreciate the tips in the article Form 990-PF: Preparing to File and in these publications: Keeping Good Records: Small Foundations’ Guide to Staying Organized Filing... Read More
Voting by email may be appealing for its simplicity and speed, but many warn that it can be a trap for nonprofit board members. In many states, a board is required to take action at a meeting (in-person or by phone or videoconference), or by unanimous written consent. Some apply mail voting rules (unanimous consent)... Read More
Site visits are one of the best ways to make grant decisions because, in essence, site visits are a living, breathing grant proposal. These visits give you the chance to connect with the organization’s board and staff, discover things that can’t be learned from a written proposal, and clarify information that is important to your... Read More