We maintain detailed recordkeeping for all private foundation transactions and activities that are handled by or provided to Foundation Source. This includes funding and income, assets and valuations, granting, fees and expenses, substantial contributors, and meeting minutes. All information is available through Foundation Source Online®, Foundation Source’s secure web platform.
Checklist for Private Foundation Recordkeeping
- Does your private foundation have a policy on records retention or destruction?
If not. You need one. Foundation Source advisors can help you craft a customized policy or we can provide a sample policy.
- Do you know which records your private foundation should keep?
Some documents should be saved forever, while some only need to be preserved for a specific period of time, and others can be discarded or saved at your private foundation’s choice. Foundation Source advisors can help your foundation understand these essential rules better.
- Do you know what grant file information you need to keep?
Foundation Source advisors are here to offer up expert advice or a sample grant file index to help you stay organized
- Do you have an expenditure report?
You should. Keeping track of the foundation’s expenses is critical to proper documentation. Foundation Source can help you craft a customized report, or you can use one of our sample expenditure reports.