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Legal Basics: Five Strategies for Keeping Trustees on the High Road
Foundation trustees have many responsibilities, but fulfilling their legal duties probably tops the list. As such, it’s important that you know the rules and where trustees trip up most. Beyond the law, there are many things foundations can do, such as having a clear mission statement and healthy decision-making process, to help trustees stay out... Read More
Governance Basics: Board Meeting Requirements and Strategies
Great board meetings are achievable. Following a few legal requirements plus tried-and-true strategies can create an environment and a process for efficient, enjoyable foundation board meetings. Legal requirements For incorporated foundations, different states have different legal requirements for notice, quorum, voting and frequency of meetings. Requirements for meeting minutes are more standard across the nation.... Read More
Getting Started: Nonprofit Sector 101
Understanding the world of nonprofits, and where foundations and other forms of giving fit in. Nonprofit sector collectively describes the institutions and organizations in American society that are neither government nor business. A nonprofit is an organization that exists to benefit the public and isn’t in the business of making money. Any profits it earns aren’t... Read More
Time-Limited Philanthropy: Embracing Mortality Can Drive Urgency and Excellence
In Give Smart, Thomas J. Tierney and Joel L. Fleishman wrote that private foundation excellence is self-imposed. “Of all the characteristics that distinguish philanthropists, the single most consequential may be the fact that they are essentially accountable to no one but themselves,” they said. Governments must win the favor of voters. Companies must earn customer... Read More
The Benefits of Trustee Diversity
Valentine Foundation values the voices of diverse trustees. So much so, it actively seeks them to serve on the board, make grants and oversee all aspects of the foundation’s mission. Phoebe Valentine inherited her wealth when her father died. The source was Smith Kline Pharmaceuticals. At the time, she was a young woman raising her... Read More
Advocating For State-Level Systems Changes: Policy Work By a Small Foundation
Leanly staffed family foundations can punch well above their weight, working with other funders and grantees to change systems. Over the past seven years, the Thornburg Foundation has experienced this firsthand. Given the depth of the challenges facing the state of New Mexico, systemic change is particularly important to our board chair and founder, Garrett... Read More