Five years ago, Sy Schwartz announced to his three grown children in their fifties that he wanted them to start giving money away. He would supply the family foundation with $175,000 for them to give collectively. If they did a good job and got along well, the money would increase the next year. Schwartz was... Read More
American country music artist Barbara Mandrell sings that she was “country when country wasn’t cool.” For The McCarthy Charities, the lyrics would be this: “We were a family foundation, when family foundations weren’t cool,” or something to that effect. The Samuel N. and Mary Castle Foundation—America’s oldest family foundation still in existence—is only 23 years... Read More
Are you talking with your board and investment advisors about asset allocation? Concepts to consider A number of concepts should be understood before you tackle the important work of creating an investment policy and allocating assets. Investment time horizon How long do you want your foundation to exist? Do you plan for your foundation to... Read More
Can I hire my daughter to staff our family’s foundation? First, determine whether your foundation’s governing documents permit the payment of compensation to a child. As a board member, you should read these documents (i.e., articles of incorporation, bylaws, trust agreement, declaration of trust) first. Also, it is possible that the state law governing your... Read More
Started in 1994 by Catherine Muther, a former Cisco Systems executive, Three Guineas Fund “promotes social justice by expanding access to economic opportunity for women and girls.” One would think that a mission so considerable requires a large staff and endowment, but Three Guineas Fund, with assets less than $6 million and only one full-time... Read More
Whatever your family’s goals for its giving, these tools and practices can help along the way. Working with consultants Beyond tax, legal, and investment matters, consultants can help your family in a variety of areas, including: Strategic planning, such as crafting a mission statement or planning for evaluation Board development, such as creating policies or... Read More