November 2018 - Exponent Philanthropy

November 2018 Resources

Our accountant says our foundation should distribute the required amount by year end, but don’t we have an additional year?

Although foundations have an additional year to meet the minimum distribution requirement, most foundations make the required payout in the year it is generated (by estimating their year-end assets). Foundations that wait to make their payout in the subsequent year can be caught off guard by precipitously declining assets. If it’s nearing year’s end and... Read More

Are there any restrictions on a private foundation’s matching gift program for trustees/staff?

There are no restrictions on matching gift programs, although, to streamline the process, Exponent Philanthropy members typically choose to match gifts to public charities. Here are how several members structure their programs: We have a matching policy for our trustees and staff. It is budgeted as part of our grants budget. Our foundation matches up... Read More

What does workers’ compensation insurance cover, and must we have it if we have paid employees?

Workers’ compensation insurance covers employees against any job-related accident or disease. This insurance pays for medical bills, disability income benefits, and death benefits to dependents of an employee whose death is job-related. Rates are based on payroll and depend heavily on the type of business and the type of work. You should update your workers’... Read More

I’m looking for guidance on preparing a foundation’s financial statements, and any templates.

We encourage you to download our publication Financial Reporting for Private Foundations: A Uniform System. Foundation boards and their accountants often use different formats for financial statements. In response, a group of experienced foundation financial officers, CPAs, and attorneys developed this uniform financial reporting system as a model for any private foundation. The publication includes a... Read More