Board policies work in tandem with the foundation’s bylaws or trust document to create the foundation’s structure. Bylaws or the trust document are legally binding and based in state law; policies also are considered binding, but they are less likely to be backed by force of law and are easier to amend (e.g., usually by... Read More
Basic requirements for board composition generally are reflected in a foundation’s bylaws or trust document. You’ll also want to consider the qualities you want in individuals who serve on your board. It is helpful to describe the expectations of board members in a position description. Bylaws or trust document requirements Every state has basic requirements... Read More
Board committees and advisory committees are common structures that boards establish to better manage the foundation. Board committees comprise board members and can make certain decisions on behalf of the full board. Advisory committees often include non-board members, although at least one board member should be involved too. Advisory committees exist to provide recommendations; they... Read More
The following checklist, designed for established foundations (not start-ups), offers recommended and legally required action items. We encourage you to make it your own. Governance Board meetings—Give notice, take care of business, hold elections, and set a meeting calendar (once per year at a minimum or more often, as appropriate). Meeting minutes—Take minutes and approve... Read More
Bylaws are a must for any foundation. They specify the operations and rules of conduct for a foundation—how it will run and be managed. Every foundation that is formed as a corporation must have bylaws among its governing documents. Each state has its own specifications for content of the bylaws, and your foundation’s bylaws must... Read More
Whistleblower or antifraud policy regulations now apply to foundations and nonprofits by virtue of the Sarbanes–Oxley Act of 2002. Although the act does not specifically require nonprofits (including private foundations) to develop a written internal policy or procedure, board members and employees must be sure to follow the new law. The new law states there... Read More