Corporate Giving Programs and Foundations
Corporate Philanthropy refers to the investments and activities a company voluntarily undertakes to responsibly manage and account for its impact on society. It includes investments of money, donations of products, in-kind services and technical assistance, employee volunteerism, and other business transactions to advance a social cause, issue, or the work of a nonprofit organization. Corporate foundations and corporate giving programs traditionally play a major role in these areas.
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Council-Endorsed D&O Insurance Program
Legal Compliance Guidance
Directors & Officers liability insurance provides financial protection for a foundation and its directors, officers, employees, and volunteers in the event of a lawsuit.
Does your foundation need D&O insurance?
A foundation doesn't have to be in the wrong to be sued. D&O insurance…
Guide to Directors and Officers Liability Insurance
Fundamentals
For boards of directors, trustees, and foundation managers, there are few areas of operation that cause more confusion and uncertainty than indemnification and the purchase of directors and officers (D&O) liability insurance. And it is no wonder. Mixing the often impenetrable statutory language…
Developing a Travel Policy
Fundamentals
Under the rules applicable to private foundations, directors or trustees and staff members may be reimbursed for reasonable and necessary expenses incurred in connection with the foundation's charitable activities. Such expenditures fall under the heading of administrative costs and will generally…
U.S. Foundation Employment and Payment of Foreign Nationals and Students
Legal Compliance Guidance
Over the past decade or so, economies have become more global and the tools for communicating news from around the world have become more effective and timely in reporting global events via the internet, video and text messaging, Twitter, and Facebook, to name but a few of these tools. Foundations…
Covering Travel Expenses of Family Members
Legal Compliance Guidance
The Stewardship Principles for Family Foundations encourage foundations to provide orientation and training for new board members and professional development for existing board members and staff. They also encourage planning for leadership continuity through activities that identify, educate and…
Pros and Cons of Sharing Board Members With Grantees
Legal Compliance Guidance
What do you do when a grantee—or potential grantee—asks someone on your board or staff to sit on their board? Does such a request constitute a conflict of interest? Are there times when such a situation can actually benefit one or both of the organizations involved?
Let’s look at some of the pros…
Sharing Board Members With Grantees
Many foundation board members wear more than one philanthropic hat. In addition to serving on the board of a grantmaker, they may also serve on the boards of grantseeking charities—or even on their staffs. Several issues may arise when board members find themselves on both sides of a grant request…
Tangible Benefits Resulting from Grants
Legal Compliance Guidance
In the May/June 1998 issue of Foundation News & Commentary, Jane Nober wrote "That's the Ticket" about using foundation funds to pay for tickets to fundraising events. Six years later, questions about tickets and other tangible benefits paid for by the foundation are still among the most…
Accepting Tickets from Grantees
Legal Compliance Guidance
Accepting and using tickets and other tangible benefits of more than minimal value raises questions for foundation managers. Review the general Tax Code rules to learn what is acceptable.
IRS FAQs about Public Disclosure Requirements
External Resource
Tax-exempt organizations must make annual returns and exemption applications filed with the IRS available for public inspection and copying upon request. In addition, the IRS makes these documents available. These FAQs relate to the public disclosure and availability of documents filed by tax-…
Compensate Your Board? Legal and Ethical Considerations
Legal Compliance Guidance
Can we pay our board members? Should we?
The issue of whether to pay foundation board members is always a controversial topic. Expect the media, regulators, general public, and even your grantees to scrutinize the decisions you make.
What is legal?
Though the rules may vary slightly by type of…
Executive Compensation Best Practices
Legal Compliance Guidance
The Internal Revenue Code provides excise tax penalties that can be imposed by the Internal Revenue Service whenever unreasonable or excessive compensation is paid to high-level employees of charitable organizations.
Over and above any legal requirements or public scrutiny, good stewards of…
Legal and Accounting Challenges of Underwater Endowment Funds
Legal Compliance Guidance
By Susan E. Budak and Susan N. Gary
The widespread adoption of the Uniform Prudent Management of Institutional Funds Act (UPMIFA) across the country has already been of great help to charities, in part because the financial markets collapsed just months after the uniform act was approved. Most, if…
Investment Management Practice Tips and Resources
Legal Compliance Guidance
Practice 1. The board (and investment committee and staff, if any) of a foundation should understand and fulfill their respective fiduciary responsibilities and duties under applicable law and the governing documents of the foundation and stay informed regarding any relevant changes in law, duties…
IRS Audit Survival Tips
Legal Compliance Guidance
Things to do NOW – “An Ounce of Prevention...”
Review your organization’s activities – seems simple and basic, but the IRS will be certainly asking about them and the audit context is not the time to learn about someone’s pet project for the first time. Do you have documentation to establish the…
Explanation of Proposed Treasury Regulations: Reliance Standards for Making Good Faith Determinations of Equivalency Determinations
Legal Compliance Guidance
September 24, 2012
The Department of Treasury and the IRS issued proposed regulations applicable to private foundations seeking to make grants to foreign organizations using equivalency determinations. The guidance broadens the range of professionals on whose written advice a private foundation…