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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…
This article explores one of the more common questions about conflicts of interest: May the foundation's lawyer serve as a trustee?
Foundation Lawyer/Trustee
Often, the lawyer who drafted a foundation's organizing documents stays on as counsel to the organization. He or she may be asked to…
Question:
Can a company provide office space to the company foundation?
Answer:
A parent company can always provide the company foundation with office space as long as it does so free of charge. While it is even possible for the parent company and the foundation to share the cost of office…
Question: Why do Council on Foundations membership materials and invoices state that if my foundation and corporate giving program share a membership, dues must be paid by the corporation? Is this true for other memberships as well?
Answer: IRS self-dealing rules prohibit private foundations (…
Question:
What should corporate foundations and their parent companies consider when purchasing tickets to fundraisers?
Response:
Whether they are tickets to a dinner, to a performance, or simply for general admission to a facility, tickets have an economic value. When a company or…
Office equipment and supplies may always be shared if the parent company provides the foundation with the equipment or supplies free of charge. It is also possible for the parent company and the foundation to share the cost of equipment and supplies, but great care needs to be taken to structure…
A business can generate goodwill through its philanthropic efforts, and such efforts can be good for business. For instance, the IRS has made clear that foundation expenditures that raise awareness of charitable causes can incidentally enhance the general reputation or prestige of its sponsoring…
When donors to scholarship funds see the impact that their money can have on the life of a student, they are often inspired to contribute more. Sometimes they will add more to the principal of the fund so that future awardees can receive bigger scholarships or more scholarships can be awarded.…
Bringing Funds Into Compliance
The Pension Protection Act of 2006 (PPA) includes the first comprehensive regulation of donor-advised funds. For the first time, donor-advised funds are legally defined. The legal definition is important for grantmakers that operate various kinds of component funds…
Question: Our corporate foundation is planning to establish a scholarship fund for our employees' children. What do we need to keep in mind and what steps do we need to follow to ensure we are complying with the legal requirements?
Response: The granting of scholarships, fellowships, and…