How will you organize the work of your philanthropy? From obtaining and maintaining tax-exempt status to making and evaluating grants, there is tremendous work to be done. Chances are, you’ve already chosen the vehicle—whether that’s a family foundation, a donor-advised fund, a supporting organization, a giving circle, or through the family business—so some of these management decisions are already made for you. But making the right management choices for your family, for your organization, and for the causes and institutions you care about can mean the difference between a fractured family making uninspiring grants and an energized family making grants that really make a difference.
Experienced family grantmakers advocate for an integrated approach to management, an approach that links the seemingly mundane activities of daily operations directly to charitable mission, legal requirements, and the founder and other board and family members.
A way to look at management as you launch your family foundation might include:
- Managing in support of the charitable mission
- Assessing what work must be done
- Deciding how the work can be done
- Determining where the work will be done
- Identifying and securing the tools and resources you will need
- Considering administrative expenses, and, most importantly,
- Turning your management choices into real results.
Browse the reading below for additional information on getting the right people and the right resources for your philanthropy.
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