This Document Retention and Destruction Policy of the Council on Foundations (the "Council") identifies the record retention responsibilities of staff, volunteers, members of the Board of Directors, and outsiders for maintaining and documenting the storage and destruction of the Council’s documents and records. You can use this as guide for your own policy.
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.
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.
The Council receives numerous inquiries each year about the amount of compensation paid to directors or trustees (members of the governing board) of foundations. Since 1969, board members of private foundations have been subject to excise tax penalties for receiving unreasonable compensation. In 1996, Congress passed the “intermediate sanction” rules that enable the Internal Revenue Service to apply similar penalties for excessive compensation paid by public charities.
By Susan E. Budak and Susan N. Gary
Submitted December 21, 2012
Comments on Proposed Amendments to the Regulations Relating to Reliance Standards for Making Good Faith Determinations
This infographic from the Charitable Giving Coalition shows why a cap on charitable deductions would undermine giving and have long-lasting consequences for all Americans.
by Martin Davis, Jr. and Bob Weiss
Foundation News and Commentary
Excerpt from www.thewarnerfoundation.org
The mission of the Warner Foundation is to make long-term improvements in economic opportunities for disadvantaged individuals and communities and long-term improvements in race relations in North Carolina.
Statement of Values
by Lee Draper
Every year, scores of individuals are recruited to join the program staff of foundations. As program officers or directors, they allocate billions of dollars to the nonprofit organizations doing work in our communities and abroad.