Q&A's Archive - Page 8 of 44 - Exponent Philanthropy

Q&A Archive

How can I ensure that my foundation’s travel expenses remain “reasonable and necessary”?

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To ensure your foundation’s travel expenses comply with IRS regulations, Exponent Philanthropy recommends adopting a clear travel and expense reimbursement policy that: Encourages cost-effective travel choices.The IRS requires that foundation travel expenses not be “lavish or extravagant.” Trustees and staff should opt for reasonable transportation and lodging. Defines eligible travel activities and sets limits.Your policy... Read More

What’s expected of foundation board members?

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Foundation board members are expected to: Set and adjust the direction for the foundation: its mission and goals. Establish principles, policies, and procedures that govern the foundation’s operation and advance its mission. Oversee the foundation to ensure that it operates effectively and efficiently in support of the mission, and that it complies with legal rules.... Read More

Do my Exponent Philanthropy membership dues count toward my distribution requirement?

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Yes, your Exponent Philanthropy membership dues can count as a qualifying distribution for your foundation. They are considered an administrative expense that supports your foundation’s charitable work. We recommend treating the dues as an administrative expense rather than a grant. When a foundation makes a grant, it cannot receive any benefits in return. If you... Read More

Would my foundation benefit from a grants management system?

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Grants Management Initial Questions The first step toward determining if your foundation will benefit from a grants management system requires discussing your priorities and parameters:  What does your foundation want to track? Exponent Philanthropy members tend to track some or all of the following: Contact information for grant applicants and recipients (organizational and individual) Basic... Read More

How do board policies work?

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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