“There’s almost no strictly ‘local’ philanthropy anymore,” says Exponent Philanthropy member Betty Curtis of the Atkinson Foundation in California. “As we become aware of how totally and globally our economic, social, and political lives are intertwined, we have the opportunity to design our grantmaking accordingly.” Even modest grants can have significant reach in developing countries.... Read More
Not yet convinced of the value of a foundation website? Consider this: People are looking for you online—Basic information about your foundation is available online at sites like GuideStar, but without a website of your own, you miss the opportunity to share more about your foundation—and to do it quickly, clearly, and at little expense.... Read More
Here are the things a private foundation must do every year to remain a private foundation and stay out of trouble: Pay your annual excise tax on the foundation’s net investment income through quarterly estimated payments. File your federal tax returns and comply with state filing rules. Meet your annual minimum distribution requirement through grants... Read More
To develop a filing system as part of your overall records management system, first sort your documents into major categories that fit with your foundation’s operations. Foundations sort their documents in different ways; some foundations, for example, sort according to the following categories: Founding Documents Legal and Accounting Records Board Records Program Records Personnel Records... Read More
From a tax law perspective, a private foundation may pay “reasonable and necessary” administrative expenses—and count them toward its annual distribution requirement—without subjecting the foundation or its managers to a penalty tax. These expenses must be (a) related to the accomplishment of the foundation’s charitable purposes, (b) related to its investments, or (c) payments of... 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