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
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
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
Identifying Red Flags in a Nonprofit’s Finances Spotting potential issues in a nonprofit’s financial health can help you make informed decisions. Keep an eye out for these warning signs in financial documents and conversations: Financial Statement Red Flags Declining annual revenue or net assets Increasing receivables or recurring operating deficits Consistently low reserves or frequent... 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