A mission statement is a short, written declaration about why you are engaging in philanthropy or, if your giving structure is a foundation, why the foundation exists. Mission statements are powerful because they are heartfelt, simple, and easily communicated. A mission can help you: Make the best use of your resources by focusing grants and... Read More
With all the attention given to the excise tax rules (e.g., sections 4940–4946 of the Internal Revenue Code [IRC]), the directors or trustees of private foundations (i.e., “managers”) may be inclined to overlook their fiduciary duties under state or common law. This complacency can be compounded by the fact that many private foundations are governed... Read More
Exponent Philanthropy members often ask about mission, vision, and values statements: What are they? Does my foundation need them? How do we create them? Maridel Moulton, an organizational development consultant, presented the following information at an Exponent Philanthropy educational program. What is a mission statement? In one or two sentences, a mission statement clarifies what... Read More
Trustees have many responsibilities, and it’s important to be vigilant in the areas in which trustees trip up most. Here are five ways to keep your trustees on the right track. Develop a cohesive and compelling purpose Foundations with a clear mission statement can minimize the conflicts that arise when trustees’ personal agendas dominate. Work... Read More
Bylaws are a must for any foundation. They specify the operations and rules of conduct for a foundation—how it will run and be managed. Every foundation that is formed as a corporation must have bylaws among its governing documents. Each state has its own specifications for content of the bylaws, and your foundation’s bylaws must... Read More
Private foundations play an important role in communities across the country—filling the shelves of food pantries, employing directors of youth centers, advocating for human rights, and much more. Opportunities abound for you to make a difference through private foundation giving. How do you determine if a private foundation is right for you? Know the field... Read More