It has been nine months now since the pandemic began its furious disruption of life in Northern Michigan. With more than 11,000 cases and 196 deaths, the virus has had a palpable impact on the region’s 17 counties. The impact of COVID-19 has received considerable attention, but much of this focus has been on its impact on the for-profit sector.
Regardless of whether you regularly contribute to charity, it is useful to be aware of the unique charitable giving tax benefits available to entrepreneurs. Even the most knowledgeable, charitably-minded individual may not be aware of all of these opportunities. This article shares those opportunities.
Mission statements are a fundamentally important building block of a family foundation’s strategic framework and deserve more attention. Further, the process of developing a family foundation mission statement must be dramatically different than the process used for other foundations or nonprofit organizations. Many techniques are available to develop a mission statement, and a board of directors should consider the benefits of each process before engaging in this fundamentally important exercise. This article published by Family Foundation Advisor addresses how a good mission statement can help preserve the legacy and vision of a founding philanthropist, and suggests some options for how family foundations can develop better mission statements.
Loosen up, for gosh sakes.
Donors are increasingly putting strings on their charitable gifts. This “restricted giving” can be as simple as restricting a gift for the new library project at your alma mater or as complicated as requiring that your gift to the YWCA be used for equipment for the Saturday girls’ (aged 6 to 8) soccer program.
More family foundations should plan in advance to shut their doors. This has nothing to do with their performance or the current economy and everything to do with their long-term success. According to 2008 figures, there are 2,306 foundations in Michigan; 80 percent of them are family foundations. The Foundation Center reports that 48 percent of family foundations awarded less than $50,000 in grants in 2007 and 59 percent had less than $1 million in assets. Most family foundations, especially these small ones, would benefit from establishing a “sunset date.”
In Crain’s annual philanthropy issue, Mark Neithercut reminds donors and nonprofits alike about the importance of mission.
Partnering for Success: How Family Foundations Benefit from Relationships with Community Foundations
To family foundations, it may seem like community foundations are only after one thing: their assets. Family foundations may worry that a relationship with a community foundation will be unbalanced, with the family foundation doing all the giving while receiving few benefits. A healthy relationship with a community foundation is possible, however, and it can be a very useful partnership for a family foundation.
This article reviews the sunset-vs.-perpetuity issue and considers the potential benefits of a sunset date, with the special considerations of small family foundations in mind.
NPA Brochures and Handouts
You’ve been successful in life and want to pass that good fortune on to others. We want to help you bring clarity and structure to your charitable efforts, because giving is most effective when it’s driven by a focus on values and outcomes.
Engaging the next generation in philanthropy can be a bonding and rewarding experience when done well, but successful families often struggle to get their children involved in the process of giving.
How do you know if your family foundation is ready to be operational? We have assisted both very well-managed foundations and those that were in need of greater direction. We have found that many problems faced by older foundations could have been solved at the time of their launch.
This document describes what we do and what we believe here at Neithercut Philanthropy Advisors. Learn how our services can help you achieve excellence and gain fulfillment from your charitable endeavors.
It seems everyone wants a foundation these days – at least many people do. So, what are the common misconceptions about family foundations? The Council on Foundations recently published an infographic we prepared on its blog, Re: Philanthropy. The infographic explains the six common misconceptions concerning family foundations.
Family foundations often struggle with issues that might have been avoided if they had considered these challenges earlier in the foundation’s planning and launch process. This guide is desiged to prompt founders and their advisors to consider the important strategic issues, such as succession and mission, which can derail foundations many years later.
Mission – the essential purpose of a foundation – has been largely ignored in strategic planning efforts. In this piece, we will argue that mission drives strategy and that a foundation should be sure its mission is clear before engaging in lengthy efforts to develop strategy.