Expenditure responsibility requires private foundations to: Take steps to ensure that grants to certain organizations are spent only for the charitable purposes for which they were made. Obtain full and complete reports from the grantee on how the funds were spent. Make full and detailed reports on the expenditures to the Internal Revenue Service (IRS).... Read More
Private foundations, or PFs, occasionally consider making investments in vehicles in which one or more of their disqualified persons, or DPs (e.g., officers, directors, substantial contributors) also have invested or also are considering an investment. This article focuses on issues raised for investments in vehicles that are owned and managed by persons unrelated to the... Read More
Bringing grantees together is an important aspect of work at the Access Strategies Fund. The fund not only provides grantees with financial support but helps them create a network of organizations in Massachusetts that are working to ensure that the electoral process is fair and open. The work that this foundation funds requires a long-term... Read More
For foundations, supporting start-ups comes with challenges, including taking risks on unproven ideas and helping to build organizations from the ground up. Your small foundation colleagues who fund start-ups, though, say that this extra commitment is anything but a negative. It can be incredibly rewarding—both personally and professionally. Take The Lynch Foundation in Boston. Founded... Read More
The manager, a Baby Boomer, wants to schedule a meeting where she can sit across the table from her employees and discuss the latest project. Her longtime staff member from the World War II generation is ready to go, looking to share stories about what used to work well for the company. Her Millennial employees,... Read More
It takes work and time to establish and oversee an effective investment process. Understand your fiduciary duty and seek out those who can assist you. A board’s key responsibilities Establish the foundation’s investment policy and develop the investment policy statement—The full board, an investment committee of the board, or an investment consultant working with the... Read More