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.
Public foundations are grantmaking public charities that gain their funds from a variety of sources, which may include foundations, individuals, corporations, or public entities. Public foundations may engage in fundraising, and may seek broad public financial support. They may or may not have endowments. There is no legal definition of a public foundation, but most dedicate a significant portion of their annual budgets to grantmaking. Most community foundations are also grantmaking public charities.
Since public foundations may be defined in different ways, and there is no official IRS or legal definition of public foundations, it is difficult to arrive at statistics that are fully representative of the field.
Below is everything on our site for public 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.