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
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
Most foundations share basic activities, and most executive directors have common responsibilities; therefore, it is possible to use a generic executive director job description as a template and adapt it to fit the needs of your foundation. Generally, a template should be used only after you have determined what tasks should be completed by trustees,... Read More
Essentially, a program related investment (PRI) is a loan or investment that counts toward a foundation’s 5% distribution requirement. Rather than funds permanently leaving the corpus of the foundation, the funds go out, do good, and come back to be used again. One relatively easy way to make PRIs is to invest in community development... Read More
Program related investments (PRIs) are a special type of grant that gained popularity during the Great Recession to preserve endowment assets while pursuing a charitable mission. PRIs are program tools like grants and should not be confused with other forms of socially responsible investing in which producing financial return is a priority. How does a... Read More
Created by members of the Andersen family—founders and owners of the Bayport, MN-based Andersen Corporation—the Andersen Foundation’s primary geographic area of focus is the St. Croix Valley, a mix of rural, suburban, and urban communities that spans the Minnesota–Wisconsin border just east of the Twin Cities. We primarily support nonprofits in Washington County in Minnesota... Read More