You started your foundation with certain goals in mind. For some families, keeping these goals in mind is particularly important as you think about your foundation’s future, while for other families, adapting the goals to a changing world and to reflect the passions of the next generation is equally important.
To help share -
- Develop a clear mission statement to share and discuss with your family. This will help them understand what matters to you, the deeper reasons driving your giving
- Talk with potential successors about the history of the foundation. Share how you got involved in giving, and how your goals relate to your ancestors and community. This can be formalized in a statement of donor intent.
- Involve successors in grantmaking activities to help teach your history and philosophy firsthand. Use a site visit to explain to your children what matters to you.
- If your young adult relatives have expertise relating to a particular grant applicant, seek out their advice. Explain why you are considering the applicant in the first place, and discuss how this grant fits into your foundation’s larger program of giving.