Whoever thought that giving money away could be so hard? While there are many options to donate to a favorite cause or charity, philanthropists who are looking for a more strategic, structured approach to giving often have questions about how to start and successfully manage a private foundation. They see the unique benefits this charitable vehicle affords, but without the right tools, support, and expertise in place, this option can seem overwhelming. Let’s take a look at three of the most common challenges funders are facing—and how you can avoid them with the new application that’s changing the future of philanthropy.
#1: Involving Others
One of the unique benefits of starting a private foundation—whether it’s happening within a family or a company—is getting family members, close colleagues, insiders and professional teams involved and engaged. Imagine building a lasting legacy and forging deeper relationships as you rally around favorite causes and projects. But without an easy way to interact with each other, this can often feel like a pipedream.
#2: Increasing Efficiency
Making grants, tracking qualifying expenses, searching for eligible IRS tax-exempt organizations and other administrative responsibilities can be time consuming. And many foundations have limited or no professional staff who can support these types of routine foundation management activities. Without simple, intuitive workflows, the efficiency of a foundation suffers.
#3: Improving Organization
Running a foundation means accessing key information and activities. This may include meeting minutes, board books, grant documentation, tax filings—the list goes on and on. Without a single, centralized platform in place, a foundation will find it challenging to pull the important information they need and measure impact quickly and consistently.
The Solution? Meet Impactfully.
Foundation Source has supported thousands of private foundations and their professional teams for more than 20 years and we continue to implement the latest technology to better support philanthropists. That’s why we built Impactfully—a new application that has everything you need to engage with your internal and external teams, streamline routine foundation management activities, and centralize foundation information and activities in a single platform.
Want to See How It Works?
Check out a demo to learn more about how Impactfully is putting philanthropists in the pilot’s seat.
Ready to talk to a philanthropic specialist?
Schedule a call with us here or reach us at 800-839-0054. Together, let’s #begiving.