Foundation Source offers modern foundation management services, integrating cutting-edge technology with time-tested, expert advice and client services. We understand the unique challenges and needs of managing a private or family foundation because we’ve been focused on exactly that since 2001.
• The capacity and bandwidth of a professional staff—without the expense of hiring them yourself or adding to existing headcount.
• The ability to consolidate multiple functions (administration, tax preparation, etc.) into a single-source provider.
• A scalable solution to support your foundation as it grows in size, sophistication, and number of participants.
• Stability, so that as your foundation evolves and changes, you won’t lose key data, momentum, or endure growing pains.
• An online system for your philanthropic activity, providing transparency and facilitating collaboration, no matter where foundation members are located.
We serve as your virtual staff, providing outsourced support for your corporate philanthropy.
Technology
Foundation Source Online is a secure, web-based platform for managing your corporate philanthropy, including charity research, donation processing, activity tracking, and reporting. Viewing rights and permissions are customized for each staff member given access to the platform, enabling managers to control what staff can see and do online. This award-winning technology provides oversight and control over corporate giving and facilitates online communication and collaboration.
Foundation Source Requests® makes it easy for your company to accept online applications from grant-seekers, then organize and review those requests. It includes:
Foundation Source Results® helps you track the impact of your company’s charitable donations. It automates the process of collecting key performance metrics from nonprofits and other recipients:
Each client is supported by a Private Client Advisor, a dedicated relationship manager for your company who is available to assist company representatives with our services on a daily basis. He/she gets to know you and your philanthropy program inside and out. Private Client Advisors are backed by specialists with expertise in tax and legal issues, compliance, and philanthropy. They will help you to:
You also get telephone access to a Philanthropic Director who can help you advance your company’s philanthropy:
Your Philanthropic Director is also available to work with your company’s legal counsel to develop customized gift agreements, if needed.
For companies that engage in workplace giving, these optional services are available through our network of preferred partners.
Nearly all companies engage in philanthropy as a means of giving back to the communities in which they operate. This includes financial contributions, product donations, in-kind services, and employee matching and volunteering.
However, only a fraction of these companies take advantage of the additional benefits that come from adding a corporate foundation to their philanthropic efforts. These unique and powerful advantages include:
The company gets a charitable tax deduction when it makes a contribution to its own foundation, plus it maintains control over those charitable assets into the future.
The company can avoid capital gains taxes when real estate, stock, and other appreciated assets are donated to the foundation.
Corporate foundations can engage in a wide range of charitable activities that would not be tax deductible if handled directly by the company:
• International grants directly to organizations outside of the U.S.
• Employer-related scholarship programs
• Grants to individuals for disaster relief and economic hardship
• Loans for a charitable purpose that are paid back to the foundation
• Grants to for-profit entities for a charitable purpose
In years when company profits are high, the foundation can build a reserve that can be tapped in leaner years.
Staffing and overhead can be paid by the foundation and counted toward its 5% minimum distribution requirement, resulting in a reduced cost to the company.
Corporate foundations are not required to collect substantiation receipts for gifts of $250 or more, a big plus for employee matching programs.
If your company is interested in establishing a corporate foundation, we can provide a new corporate foundation, ready for funding, in about a week. We’ll provide the nonprofit corporate entity, bylaws, and recommended governance policies; and we’ll file IRS Form 1023 for recognition of exempt status.
© 2024 All Rights Reserved. Foundation Source Philanthropic Services Inc. Foundation Source is a registered trademark of Foundation Source Philanthropic Services Inc. This website is provided for general information purposes only and does not constitute legal, tax or investment advice. Foundation Source does not provide banking services; such services are provided by Wester Bank, N.A. or another third-party financial institution.
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