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This member update focused principally on important issues related to foundation financial management and endowment performance.
The Council's Board of Directors released this guidance memorandum in March 2010 and strongly recommends that when reviewing and approving foundation investment policies and procedures practices, all foundations—private and public—consider these best practices in foundation investment management.
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…
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,…
This memorandum considers whether adoption of the Uniform Prudent Management of Institutional Funds Act (UPMIFA) requires changes to existing guidance regarding the reporting and classification of assets held by community foundations. Current guidance is incorporated in a 1997 memorandum, Report on…
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…
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…
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…
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…