Family Vs. Nonfamily Management: the Castle Foundation Shares Its Story
There is no one best way to manage a family foundation. In fact, a foundation may go through several types of management during its lifespan. This has been the case of the Samuel N. and Mary Castle Foundation during its 107-year history. During this time, the Castle Foundation has been managed in many ways – through a law office, a trust company, a community foundation and by the family.
After exploring the many options, the board recently returned to the family management initiated by the donor, Mary Tenney Castle, who managed all aspects of the foundation herself. Al Castle shares the way the foundation made this change, the board’s reasons for it, and the advantages and disadvantages of doing so.