At Foundation Source, we help foundations advance their missions by leveraging their entire charitable toolkit. Our in-house tax, legal, administrative, and philanthropic experts give every client capacities once reserved for just the largest, professionally staffed foundations, making the impossible suddenly doable. As the example below demonstrates, excellence in private foundation philanthropy isn’t merely an ideal. At Foundation Source, it’s our business.
Challenge:
When we met her, this successful actress already had a private foundation, and she had a good handle on its finances. She didn’t need us to monitor the finances or prepare the foundation’s tax returns, but she did need help organizing her giving. Every time she wanted to review her grantmaking history with the various organizations she supports, she had to comb through files stuffed with acknowledgment letters and receipts. Researching new potential grantees was a hassle and, since she expected her grandkids to take over the foundation in a few years, she wanted to get an organizational system in place that would make it easy for them to take the reins.
Collaboration:
To fund her grantmaking, Foundation Source set up an operating account for the client at Sterling National Bank. Going forward, since all of the grants and qualified expenses would be paid out of this operating account, the actress, her accountant, and anyone else she permits will be able to quickly and easily review the foundation’s transactions. Foundation Source also introduced her to Impactfully, our exclusive “command center” that enables clients to research nonprofit organizations, make grants, and review their grantmaking history from any location, at any time.
Outcome:
The client loves how easy it is to make grants using Impactfully. In fact, it has completely changed the way she gives, helping her track how many times (and how much) she’s given to a specific charity and enabling her to access important information on organizations through sources like Guidestar® and Charity Navigator.TM Moreover, now that the foundation’s house is in order, the actress doesn’t worry about burdening her grandchildren with its day-to-day operations. “Foundation Source has made my life so much easier,” the client says, “It’s a gift from heaven!”
ABOUT FOUNDATION SOURCE
Foundation Source empowers people and companies to create a better world through philanthropy. As the nation’s largest provider of foundation management services, we’re a trusted source for philanthropic expertise. We invest in industry-leading technology for private foundations and offer a configurable suite of administrative, compliance, tax and advisory solutions that meet you where you are in your philanthropic journey.
For more than two decades, we’ve worked with individuals, families, boards and professional advisors to preserve legacies and make giving easier. Today we are proud to support more than 2,000 unique foundations and have facilitated over $10 billion in charitable aid. With a 98% retention rate, we are honored to have earned the trust and loyalty of our clients.
