Foundation board members are expected to:
- Set and adjust the direction for the foundation: its mission and goals.
- Establish principles, policies, and procedures that govern the foundation’s operation and advance its mission.
- Oversee the foundation to ensure that it operates effectively and efficiently in support of the mission, and that it complies with legal rules.
Specifically, boards fulfill certain duties unique to foundation boards. The following may be done by the board or delegated to board committees, but the board is responsible for all these duties:
- Make grants or operate programs.
- Ensure legal compliance.
- Set the budget and oversee expenses.
- Invest resources to protect assets and support the mission and spending policy, and review investment performance regularly.
- Hire and evaluate staff, consultants, or advisors.
- Present the foundation and its activities to the public.
- Evaluate the foundation’s programs and operations, and adjust course, as necessary.
- Plan for the foundation’s future.
- Consider changing needs in the community, new opportunities to make an impact, and the foundation’s need for leadership continuity.
- Work to ensure that the foundation’s activities advance the donor’s vision and foundation mission, and serve the public interest.
Boards of unstaffed foundations also implement the principles, policies, and procedures the board has established; comply with the legal rules; and administer the foundation’s programs—because there is no one else to do this work!