Joining Forces Impact Pledge organizers announced five new pledges to the Philanthropy Joining Forces Impact Pledge at an event at Intrepid Sea, Air and Space Museum last week. With the new commitments, a total of 35 participants have pledged more than $200 million over the next five years to support veterans and their families as they transition back into civilian life. The Blue Shield of California Foundation, Bristol-Myers Squibb Foundation, Robert R. McCormick Foundation, and Bob Woodruff Foundation hosted the event in conjunction with the White House Joining Forces initiative.
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).
Below is everything on our site for family foundations. You can use the filtering options on the right to narrow these results.
Foundation recordkeeping is an inherently dull topic—unless it’s done wrong. The foundation manager who has not kept adequate documentation regarding expenditure responsibility grants will surely find an IRS audit more exciting than he might like. Similarly, a foundation manager confronted with a trustee succession battle will find the situation even more nerve-racking if she cannot put her hands on copies of the minutes of the meeting held years ago at which the succession issue was addressed and resolved.
- What are the legal requirements for private foundations wishing to make cross-border grants?
- What are the legal requirements for public charities wishing to make cross-border grants?
As a nation we cherish the value of service. Few among us take this spirit to heart more than our men and women in uniform. Coming from all walks of life, they join forces to safeguard our country.
- What are the advantages, disadvantages and likely costs of scholarship programs?
- What do the private foundation rules require, and how should community foundations apply the rules?
- What rules or procedures govern community foundation scholarship programs?
- Does a community foundation need to notify the IRS before starting a scholarship program?