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Foundation Building Best Practice Overview
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This is an excerpt from the Foundation Building Sourcebook: A Practitioners Guide Based on Experience in Africa, Asia and Latin America. The Sourcebook was written by A. Scott DuPree and David Winder with Cristina Parnetti, Chandni Prasad and Shari Turitz. |
To carry out the vision, mission and objectives of the founders, a grantmaking foundation requires a strong institutional structure including a far-sighted and committed governing board and, in many cases, a well-organized and dedicated staff. The source material presented in this chapter addresses issues concerning the governance and institutional development of foundations. In general, foundations in this chapter have attempted to build effective boards and staff, plan strategically for growth and develop good financial management systems. The chapter attempts to mine some of their experiences.
Boards play a key role in directing the affairs of foundations and establishing their policies. These policies vary depending on the mission and goals of the foundation. Many boards form committeesin order to oversee different aspects such as finances, grantmaking, planning and endowment management. Boards rely to differing extents on professional staff to take on management tasks.
Even with a well-qualified staff and Board, foundations should have strategic plans that will guide the different players towards the final goal effectively and efficiently. Foundations should also have a comprehensive financial management system that sets the budgets and expense allowances for each fiscal year along with an accurate accounting system so that spending can be monitored transparently
