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E&F Advice & Administration

December 30, 2021

Foundation Governance Annual Review

Exercising Good Governance in Managing Your Foundation

As stewards of charitable assets, foundation board members are responsible for overseeing and, in some cases, carrying out their foundation’s activities. Board members are fiduciaries who owe duties of care, loyalty and obedience to the foundations they serve. To aid board members in their work, Glenmede has compiled a list of requirements and best practices for board members to review annually. Engaged board members can help maximize the impact of a foundation’s grantmaking and advance its mission. Continually revisiting foundation policies and practices may bring to light opportunities to adapt and sustain that impact into the future.

While the contents of this annual review checklist reflect common best practices for board members, it is important to remember that foundations are as varied as the donors who fund them. Legal requirements will depend on, among other things, the manner and jurisdiction in which the foundation was formed. Asset and staffing levels may likewise lead to a wide range of practices and expectations of board members. Please consult an attorney or tax professional for advice on legal and tax matters.

To learn more about Glenmede’s Endowment & Foundation advisory services, contact
EFSolutions@Glenmede.com or your dedicated E&F relationship team.

Foundation Governance Annual Review Checklist

This document conveys Glenmede’s insights on general best practices for good governance based on our experience with grantmaking foundations. This checklist is not meant to be exhaustive but is a tool to help you review your foundation’s governance practices on an annual basis. Each foundation is different, so please consult an attorney or tax professional for advice on legal and tax matters.

 

 

This material is intended to be a review of issues or topics of possible interest to Glenmede Trust Company clients and friends and it is not personalized investment, estate planning, tax or legal advice. Advice is provided in light of a client’s applicable circumstances and may differ substantially from this presentation. This material may contain Glenmede’s opinions, which may change without notice after date of publication. Information gathered from third-party sources is assumed reliable but is not guaranteed. This publication may not be used as legal or tax advice.