Private foundations are permitted to pay for or reimburse ordinary and necessary expenses incurred in carrying out their activities, including the costs of travel by board members. These expenses typically include travel expenses for board meetings or philanthropy conferences, long-distance telephone expenses for conference calls, and expenses incurred while going on site visits (e.g., mileage,... Read More
The full board generally is responsible for shared leadership of the foundation. The board ensures clarity of purpose and goals, and assesses and implements the best approach to get the work done. Officers, in particular, are responsible for broad oversight and general leadership. The foundation may choose to have any officer positions that serve it... Read More
Foundation trustees have many responsibilities, but fulfilling their legal duties probably tops the list. As such, it’s important that you know the rules and where trustees trip up most. Beyond the law, there are many things foundations can do, such as having a clear mission statement and healthy decision-making process, to help trustees stay out... Read More
If your board becomes geographically dispersed, don’t let it daunt you. With the challenges come opportunities to fine-tune your foundation and address the dispersion in creative ways. Strategy 1: Revisit your foundation’s mission Geographic dispersion is a much bigger challenge than just keeping trustees in touch. It often calls into question the future of your... Read More
Funders are often described—and describe themselves—as being able to take risks that neither the private sector nor the government can or will take. However, no industry standard currently exists for defining, assessing, and managing risk in philanthropy. Few grantmakers assess risk during the application process and even fewer have processes in place to manage risks... Read More
The world of philanthropy is transforming with the shift from the act of giving to a more deliberate approach of social change through investment. With that change comes the need to strategically assess program impact through indicators and outcomes. Funders and their grantees need consistent collaboration to measure progress throughout the life of a grant.... Read More