At its core, CEO evaluation involves two basic steps: defining the CEO’s job responsibilities and checking back at a later point to determine if the responsibilities were met. Keep in mind: Although formal evaluation is an important component of a good working relationship, it is not a substitute for ongoing communication. CEOs need feedback year... Read More
To document an investment process that helps your foundation sustain its organizational purpose and achieve its giving goals, a comprehensive investment policy statement (IPS) is vital. The benefits of a well-crafted IPS You should strive for an IPS that does more than simply allow you to “check the box.” A valuable IPS will go beyond... Read More
There is little legal advice specific to recordkeeping after a foundation closes. According to best practice, however, financial and tax records should be kept for a minimum of 7 years after their filing dates. Other business records, such as pension plans and D&O liability insurance contracts, should be kept for a minimum of 10 years.... Read More
All foundations rely on trustees for leadership, oversight, and planning. Many small foundations also rely on trustees for a considerable amount of the labor needed to run a foundation. To acknowledge the crucial role that trustees play in governance and operations, some foundations compensate for routine board service, such as attending meetings, reviewing proposals, and... Read More
If your board becomes geographically dispersed, don’t let it daunt you. With the challenges come opportunities to fine-tune your foundation and address the dispersion in creative ways. Strategy 1: Revisit your foundation’s mission Geographic dispersion is a much bigger challenge than just keeping trustees in touch. It often calls into question the future of your... Read More
Private foundations are permitted to pay for or reimburse ordinary and necessary expenses incurred in carrying out their activities, including the costs of travel by board members. These expenses typically include travel expenses for board meetings or philanthropy conferences, long-distance telephone expenses for conference calls, and expenses incurred while going on site visits (e.g., mileage,... Read More