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.
Operating foundations are private foundations that use the bulk of their income to provide charitable services or to run charitable programs of their own. They make few, if any, grants to outside organizations. To qualify as an operating foundation, specific rules, in addition to the applicable rules for private foundations, must be followed.
Below is everything on our site for private operating foundations. You can use the filtering options on the right to narrow these results.
- 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?
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.