The Council on Foundations defines a family foundation as one whose funds are derived from members of a single family, though this is not a legal term and has no precise definition. The Council on Foundations suggests that family foundations have at least one family member serving as an officer or board member of the foundation and, as the donor, that individual (or a relative) must play a significant role in governing and/or managing the foundation. Most family foundations are run by family members who serve as trustees or directors on a voluntary basis. In many cases, second- and third-generation descendants of the original donors manage the foundation.
Family foundations make up over half of all private (family, corporate, independent, and operating) foundations, or 40,456 out of approximately 73,764 foundations (Foundation Center, 2011). Family foundations make up approximately one-third of the Council’s membership.
Family foundations range in asset size from a few hundred thousand dollars to more than $1 billion. The holdings of family foundations total approximately $294 billion, or about 44 percent of all foundation holdings of $662 billion. Despite this, three out of five family foundations hold assets of less than $1 million. Family foundations gave away approximately $21.3 billion in grants in 2011 (The Foundation Center, 2011).
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The idea of coordinated giving days is gaining momentum. These social media campaigns provide an image-building opportunity for community foundations as well as opportunities to build the capacity of our grantees to raise money for themselves. Rather than providing technical assistance, project management, and marketing services, the best investment community foundations can make, consistent with their convening role in the community, is to build the incentive pool for the giving day. Here is why:
Online giving days are generating huge interest among community foundations.
Giving online is increasing in double digit percentages year over year, yet in our community, many of the nonprofits we serve have barely have a website let alone a “Donate Now” button. As a result, we thought it was important for us to help our nonprofits become familiar with raising money online.
Here’s proof you don’t need an endowment to have a significant and disruptive impact on your region’s philanthropic landscape.