From masterful communicators to continual learners, phenomenal foundation executive directors share a number of characteristics and skills. See this member resource to learn what they are » Read More
Get up to speed on foundation essentials by attending the following 2024 conference sessions: Thursday, November 14, 2024 10:30 AM – 11:45 AM SESSION: Foundations 101: Intro to Philanthropy and Foundation Administration After a brief overview of the nonprofit sector and where foundations fit in, we’ll dive into key administrative pieces of getting a foundation... Read More
Exponent Philanthropy recommends all foundations create a clear travel and expense reimbursement policy that achieves the following: Advises trustees and staff to choose cost-effective travel options. The law requires that these expenses not be “lavish or extravagant.” Describes the activities for which related travel may be reimbursed and any limits on quantity of travel per... Read More
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... Read More
You can spot red flags in a nonprofit’s financial statements, Form 990, or through conversation. Here’s what to look for: Financial Statement Red Flags: Decline in annual revenue or net assets Increase in receivables or recurring operating deficits Trend of lower reserve balances or frequent cash flow issues Heavy reliance on restricted income within the... Read More
When handling money, the following practices work for many foundations: Opening a single foundation bank account. Foundations that make grants only one to two times per year or those with minimal operating expenses simplify recordkeeping by making most transactions from one account. Some also use a money market account. Keeping up with cash flow needs.... Read More