Managing and running a foundation is fantastic work. However, in addition to the joy of grantmaking comes the critically important task of complying with a myriad of tax and other laws governing grantmaking, investment strategies, and public disclosures, to name just a few. This primer summarizes important laws that are relevant to running a foundation.... Read More
Download a sample contract between a foundation and its auditor. Read More
Download an interest-free loan agreement between a foundation and a recipient organization. Read More
As managing director of a small family foundation, I had often wondered what would happen if the Internal Revenue Service (IRS) or the state attorney general came knocking on our foundation’s door. Would we be prepared for an audit? Would the foundation be in compliance with legal and tax reporting requirements? Did our original organizational... Read More
Most foundation files of any significance should be kept a minimum of 3 years. That can add up to a lot of paper! Here are filing and storage tips: Give some thought to and take time setting up your filing system. Ultimately, you’ll waste less time and save yourself a lot of space. A good... Read More
There is little legal advice specific to recordkeeping after a foundation closes. According to best practice, however, financial and tax records should be kept for a minimum of 7 years after their filing dates. Other business records, such as pension plans and D&O liability insurance contracts, should be kept for a minimum of 10 years.... Read More