beyond writing a check

“It’s not just about being able to write a check. It’s being able to touch somebody’s life.” – Oprah Winfrey

While much attention is paid to grantmaking, the work of any foundation extends beyond writing checks for worthy causes. To fully meet its charitable goals, a foundation must maintain the vitality of all three key functions: governance, management and grantmaking.

1. governance

Sound governance strengthens the effectiveness and accountability of the foundation. Board members play a critical role in setting strategic direction.

• Board development and continuity
• Operating within state and federal laws and according to the corporation’s articles and bylaws
• Stewardship of assets
• Direction setting for charitable activities

2. management

Day-to-day foundation operations – whether managed by family members, employees or professional advisers – require a broad skill set, from risk management to regulations and human resources.

• Regulatory compliance
• Monitoring for self-dealing
• Proper due diligence for grantmaking
• Records maintenance
• Proper financial protocols and bookkeeping practices
• Hiring and supervising advisors and staff

3. grantmaking (charitable activities)

The heart and soul of any foundation, charitable activities encompass:

• Grantmaking to qualified non-profit organizations
• Education related to charitable activities
• Networking/collaborating with stakeholders

Maintaining the health of all three domains allows a foundation to develop the institutional strength and resilience it will need to thrive over time.