Rules, regulations, and legal documents

Passing the “Mirror Test”: Ethics and family philanthropy

Posted on August 13, 2015 by Michael Rion

Your family’s philanthropic values – your sense of stewardship, your personal commitments and interests, and your desire to foster charitable impulses in your children and future generations – are the foundation of your family’s philanthropy.  Articulating and discussing values on a regular basis is part of ethically responsible giving. … Read More

The Rockefeller Brothers Fund: Executive Committee Charter policy

Posted on August 7, 2015

Bylaws, Article VIII, Section (a) states:There shall be an executive committee of the Board consisting of the chair and up to seven but no less than six other trustees elected by the vote of a majority of the entire Board at the annual meeting each year. The chair of the executive committee shall be the chair of the Board. A… Read More

Can the foundation reimburse expenses for a family gathering that takes place during a board meeting?

Posted on June 5, 2015 by Andras Kosaras

A foundation may only incur expenses for meetings/events that are related to carrying out its exempt purposes (including reasonable and necessary administrative expenses).  If a board member wants to invite all board and family members to a family event, the foundation may only reimburse the board member for the expenses incurred if the event is for the purposes of the… Read More

The Better Boardroom: a Complimentary Lunch Seminar for Giving Families (Chicago)

Posted on February 25, 2015

Family foundations are a breed apart. The impact of family structure and dynamics on how a foundation is governed is enormous and consistently underestimated.  Join us for an overview of how to truly integrate the family into family foundation governance.   The program will cover these essentials: Forgotten factors – how family dynamics, family size and family structure should guide decisions… Read More

Can we accept complimentary tickets?

Posted on January 9, 2015 by Andrew Schulz

Complimentary tickets are fine. The real issue here is: are they really complimentary, or is it a quid pro quo? Generally, if there’s a good foundation reason to be there, in particular being recognized, you can go… Read More

Can a direct descendant who is on the board bring non-family members on to the board to work for him or her?

Posted on December 11, 2014 by Andrew Schulz

You’d have to check the bylaws and what the procedure is. Who and who can’t serve on the board is a matter of foundation policy. There’s no law that prevents non-family members from being on the board, but you should be very careful to observe the rules and policies set forth in your bylaws or your articles about the election… Read More

May Our Board Pay a Disqualified Person for Services Such as Portfolio Management?

Posted on December 11, 2014 by Andrew Schulz

May our board pay someone for portfolio management if they are an employee of a company owned or led by a board member and direct descendant of the foundation’s father? Yes, even if the individual being employed to do that work is a disqualified person, paying someone reasonable and necessary compensation to manage the assets of the foundation, regardless of… Read More

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