Bylaws specify the operations and rules of conduct for a foundation—how it will run and be managed. Every foundation that is formed as a corporation must have bylaws among its governing documents.
Each state has its own specifications for content of the bylaws, and your foundation’s bylaws must follow the laws of the state where the foundation is incorporated. For example, many states have specific requirements for minimum number of board members, frequency of board meetings, and so on. Your attorney can draft bylaws for you, but you need to be involved in the process to ensure that your bylaws accurately reflect your foundation’s operations and culture.Login to Read More