The basic rules for governing a family foundation

As a family foundation donor or trustee, you have a variety of important responsibilities as well as prohibited activities. For more information on legal requirements, see this special slide show on “The Basic Rules for Governing a Family Foundation,” based on our best-selling Trustee Notebook by Robert Hull.  

The basic rules for governing a family foundation

Part I: What every family foundation trustee should know.

Six major rules govern what a private foundation and its trustees must do each year. These requirements include important fiduciary responsibilities, and even if you and the other trustees engage professionals to perform some of these tasks, you bear the ultimate responsibility for all actions and omissions of the foundation.

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