It is becoming increasingly common for foundations to consider closing shop. While the reasons you’re contemplating this option may be straightforward, the process of closing can be complicated. The primer walks you through the strategy choices, tasks, and legal steps of closing shop so you can be confident that you know the main legal issue... Read More
When your organization welcomes new board members, you know you need to share about your foundation, its programs, and what it means to serve on a board. But where to begin? Some of your new trustees may be family members who’ve grown up hearing about the foundation. Others may be experts who specialize in your... Read More
Although most foundations choose to not compensate board members for routine board service—creating or revising foundation policies, overseeing foundation operations, attending board meetings, and more—one size does not fit all. For some small foundations, culture and assumptions, or specific strategies and rationales, lead the board to compensate its members. This publication reviews: The laws and... Read More
We all want to make an impact, or in simpler terms, make a real difference. This desire often leads foundations to ask themselves: “Could we make a bigger difference?” But with limited time, it can be challenging to figure out how to get there. This simple tool offers your organization a framework that you can... Read More
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
As a private foundation, you are required to make the following documents available to the public: Form 990-PF, the annual information return filed with the Internal Revenue Service (IRS), for the 3 most recent years Form 1023, the application for federal tax-exempt status (and all related correspondence with the IRS) Form 990-T, the unrelated business... Read More