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
“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
When initiated from the ground up—from the nonprofits themselves—collaborations can serve communities effectively and efficiently. Strong collaborations maximize nonprofits’ impact by providing administrative stability; decreasing duplication, competition, and overlap of services; and bringing more diverse approaches to complex social and environmental problems. Funders are uniquely positioned to cultivate and support nonprofit collaborations, and to do... Read More
A leadership succession plan is a written document—approved by the board and easily available to board members—that identifies the process by which leadership will be assumed when key organizational leaders depart, whether the departure is planned or unplanned, permanent or temporary. A succession plan is an essential and critical source of guidance, and an expression... Read More