When disasters strike and emergencies occur, board members may want to respond when they learn about suffering or environmental damage. A policy will help your foundation act effectively during an emergency or as you work to minimize the impact of future disasters. Because many aspects of disasters are unpredictable, some of the best disaster policies... Read More
The general rule is this: Certain insiders known as disqualified persons are prohibited from engaging in a specific list of transactions with a private foundation, unless exists a stated exception exists. If you are a board member, officer, or substantial contributor to a private foundation, you, your family members, and entities controlled by you must... Read More
Less than one-quarter of 1% of all tax returns filed by private foundations are examined by the Internal Revenue Service. Yet, certain states have seen an increase in attorney general inquiries (i.e., audits) into the operations of private foundations and components of the Form 990-PF, which usually accompanies a state filing. Attorney general audits can... 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
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