Most funders ask grantees—prospective and current—to customize their budgets and financial information to fit the funder’s requirements. Project Streamline, a collaboration of grantmakers and grantseekers working to improve application and reporting practices, recommends a different way: Make requests for nonstandard information the exception rather than the rule. Consider the real costs to nonprofits of customizing... Read More
Whatever the terminology, a smart investment is one that matches the right kind of capital to the problem you are seeking to solve. If the desired result is solely programmatic, a grant will do. To capitalize a social or environmental initiative while preserving assets for future uses, consider a program related investment. To further mission... Read More
Consultants allow your foundation to gain expertise on a part-time basis without the cost and office space for full-time staff. Moreover, the board doesn’t need to supervise the consultant as they would a staff person. Consultants are skilled professionals who can help you move your program forward. Depending on the task at hand, they can... Read More
Whether a foundation is formed as a corporation or a trust, it must comply with its governing documents, which are legally binding. If your foundation is a corporation, its governing documents are its articles of incorporation—referred to by some states as articles of organization or certificate of incorporation—filed with the state’s secretary of state (or... Read More
Foundations may undergo three types of audits: independent audits (those elected by your foundation); Internal Revenue Service (IRS) audits; and state-level audits. An independent audit happens when a foundation hires an outside auditor to assess its finances and show that it has internal controls and built-in checks and balances. Independent audits ensure that your foundation’s... Read More
“We’ve always been interested in young people and their college education,” said Mr. Smyth. While working in Wilmington, DE, he worked with inner-city kids. “That was the real impetus to set up the foundation. When we left Wilmington and retired in Virginia, we decided to create a local scholarship program.” Nelson County, a rural area... Read More