Creating a supportive work environment is sure to help your foundation achieve its goals. Use this checklist to review your foundation’s HR policies and be well on your way to managing staff legally and ethically. Read More
Your investment policy statement (IPS) should have clear procedures for monitoring, evaluating and changing your investment advisors. It’s a key part of fiduciary responsibility. Investment advisors include outside investment consultants, an outsourced chief investment officer (OCIO), and/or investment managers. Any contracts regarding investment services should clearly define the roles and responsibilities of all parties (i.e.,... Read More
Ways to let the public know you give grants Here are some ideas for foundations—new or well-established—looking to expand program areas or grantseeker pools: Distribute your mission and guidelines on your website or at local nonprofit events. Talk with other foundations that have similar program interests. They can sometimes refer grantees to you. Ask if... Read More
It’s always a good policy to have a grant agreement with grant recipients. Not for when the grant goes well, but rather, for when it doesn’t. With a grant agreement in place, it is easier to: Monitor a grant for performance according to the application See if anticipated outcomes are achieved Receive reports from the... Read More
Discretionary grantmaking is the practice of allowing board members (and in some cases, committee members, family members, or staff) to direct a portion of grantmaking dollars to organizations of their choice. While the board is legally responsible for all discretionary grants, they’re generally approved without extensive review or discussion. Discretionary grants are truly made at... Read More
From a tax law perspective, a private foundation may pay “reasonable and necessary” administrative expenses—and count them toward its annual distribution requirement—without subjecting the foundation or its managers to a penalty tax. These expenses must be (a) related to the accomplishment of the foundation’s charitable purposes, (b) related to its investments, or (c) payments of... Read More