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
The Homer A. and Mildred S. Scott Foundation was established in 1982. Mr. Scott came from a modest background in Nebraska, where he graduated from the state university with a degree in civil engineering. Mrs. Scott was a gracious woman with a passion for early childhood, education and literacy. The Scotts created their wealth through... Read More
There is always room—and a need—to keep learning, adapting, and improving. Embrace continual learning People learn in different ways: through formal training, conversation, coaching, reading, doing, and, most often, through a combination of all these. It’s important to develop a learning agenda for yourself and your organization, including the most effective and feasible ways to... Read More
First things first: What is a community foundation? Most regions have a community foundation, an independent charitable organization that serves a defined geographic location—typically, a city or county. Community foundations accept gifts from individuals, businesses, foundations, and government agencies. Donors give in three main ways: unrestricted gifts to support the community foundation, gifts to the... Read More
Exponent Philanthropy surveys our members regularly to learn about their grantmaking, governance, investments, and administration. We also learn what keeps our members up at night. What consistently tops the list? Succession, the crucial task of passing the leadership baton. Whether it involves the next generation, a new board member, or a new hire, successful succession... Read More
The individuals responsible for managing a foundation’s assets want their investments to do well. Beyond these good intentions, however, most states maintain laws with higher standards that legally bind trustees and board members to a series of duties and responsibilities. These standards—called fiduciary duties—are commonly known as the duties of care, loyalty, and obedience, as... Read More