3 Smart Things You Can Do to Manage Risk in Private Foundations

When you have a private foundation, there are different paths you can take to manage its ongoing operations, and the choice you make may influence your staffing needs. You can do it all yourself, which takes time and know-how, and it’s not uncommon for administrative activities to pull focus from strategic initiatives. You can piece together a solution with the help of your accountant, attorney and professional advisors. This approach can be a good way to get started when you have established working relationships with professionals you trust. If you need to find, vet and coordinate across the professionals, this can become a job unto itself. Alternatively, you can outsource your foundation management needs to a single source provider who can readily handle the operational and administrative activities for you. Whatever path you choose, you’re going to make an impact with your philanthropy— and that is exciting. But with this joy of giving also comes the obligation of managing risk. Here are three tips to help set your foundation up for success.