With all the attention given to the excise tax rules (e.g., sections 4940–4946 of the Internal Revenue Code [IRC]), the directors or trustees of private foundations (i.e., “managers”) may be inclined to overlook their fiduciary duties under state or common law. This complacency can be compounded by the fact that many private foundations are governed... Read More
As a private foundation, you are required to make the following documents available to the public: Form 990-PF, the annual information return filed with the Internal Revenue Service (IRS), for the 3 most recent years Form 1023, the application for federal tax-exempt status (and all related correspondence with the IRS) Form 990-T, the unrelated business... 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
Stookey grew up and attended elementary school in Marshall, a small town just east of Battle Creek, MI. The year was 1936, and Stookey was a 5th grade student of Vyda Mumby during her second year of teaching. According to Stookey, Mumby “loved teaching; and like anyone doing something they like, she was good at... Read More
The legal and practical aspects of international grantmaking may seem burdensome. Yet, small foundations can and do make grants to foreign organizations in legal and trusted ways. Let’s correct seven misconceptions and provide examples of how Exponent Philanthropy members fund effectively around the world. Myth 1: Because our bylaws limit our giving to U.S.-based 501(c)(3)... Read More
There truly is nothing mysterious or glamorous about convening: It simply means gathering a group of people around a clear, common purpose. Yet, many consider this straightforward tool to be a funder’s most underrated one. Some Exponent Philanthropy members doubt they have the expertise. However, with the freedom and flexibility to make things happen fast, small-staffed funders... Read More