I will always tell you not to start a private foundation without a really good reason! Because the fact of the matter is that private foundations take a lot of work. First of all, each structure you choose has its accompanying required paperwork. Checkbook philanthropy requires that you keep a copy of your check and receipt for your taxes. Donor advised funds have set-up, investment and grants lists paperwork — but the entity in which you've created your DAF prepares these. Private foundations have to fill out tax returns, grant agreements, minutes, declination letters, investment and conflict of interest policies, application forms — and that's just for starters. No wonder you're drowning! First of all, identify which pieces of this work you actually enjoy (if any). Keep those. Then outsource the rest. It can be just that simple. Your attorney and investment advisors likely have policy templates. Hire a college or high school student to file papers and send out declination letters. Engage a consultant to draft guidelines, application forms, and other letters. Post a website — it can be done for free at the Foundation Center — and make sure your application information and deadlines are up to date and available to the public. Divide the tasks among your trustees or bring in the kids and grandchildren to do some of it. Hire or outsource your program officer and grant due diligence work. And most importantly, don't ask for more information from grant applicants than you actually use to make decisions! —Julia
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AuthorJulia Kittross: Archives
September 2017
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