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 by establishing a plan for your foundation’s investments and advisors
- A decision-making process that encourages consensus but allows for healthy discussion and dissent
- Ethics policies, which are considered a best practice by the Internal Revenue Service, to define the overall moral fabric of a foundation and hold trustees to high standards
Learn more about keeping your trustees on the right track >>
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