FAIRFIELD CONN. – April 6, 2010 — Foundation Source, the nation’s leading provider of support services for private foundations, announced that it will co-sponsor a gathering of private foundations with the Polsky Center for Entrepreneurship at the University of Chicago Booth School of Business to discuss the benefits of program related investments (PRI). In the same way that individual “angel” investors pool investments in start-up ventures, IRS guidelines allow private foundations to use PRI’s to invest in social enterprises that generate profits in support of philanthropic missions.
The first-of-its-kind gathering will take place April 22 at the University of Chicago’s Gleacher Center, 450 Cityfront Plaza Drive beginning at 9:30 am. The registration fee is $100. Foundation Source clients receive a 25% discount. To register and for additional information, please visitChicago Social Venture Forum.
The program is geared toward donors and staff of existing private foundations; individuals interested in social investing through a private foundation; and private wealth managers and other advisors to high-net-worth individuals interested in social enterprise investing regardless of the size of their charitable endowment.
Sharon Schneider, a senior philanthropic director for Foundation Source, said, “This is a great tool for donors who want to apply business standards to their philanthropic giving as opposed to simply writing checks to organizations. It allows private foundations to co-invest, making it easy for smaller and mid-size foundations to participate. And PRIs count toward the required 5% annual disbursement. We are delighted to collaborate with the Polsky Center for Entrepreneurship at Chicago Booth to present an overview of this exciting and innovative philanthropic method for social enterprise investing.”
Linda L. Darragh, Polsky Center Director of Entrepreneurship Programs and Clinical Associate Professor for Entrepreneurship at Chicago Booth said, “We have had tremendous success helping to bring venture investors together through the Hyde Park Angels network to support start-ups that are profit-oriented. We are excited to be working with Foundation Source to leverage that winning formula to benefit start-ups that are both financially and socially beneficial, opening angel investing to the world of private foundations through program-related investment.”
About the Polsky Center for Entrepreneurship at Chicago Booth
The Polsky Center for Entrepreneurship at Chicago Booth advances the knowledge and practice of entrepreneurship and innovation. The center supports entrepreneurial development and investment through its cutting-edge curriculum, innovative hands-on learning experiences, leading faculty research, conferences, and community and global outreach programs.
About Foundation Source
Foundation Source is the nation’s leading provider of support services for private foundations. The company’s back-office, online and support services free foundations to focus more on mission, strategy and family priorities and less on administration and compliance tasks. The result: better run foundations with greater social impact. Foundation Source was recently named Philanthropic Group of the Year by the editors of Private Asset Management.
Foundation Source provides its full range of award-winning services to nearly 900 private foundations coast-to-coast representing $4 billion in foundation assets. Foundation Source partners with the nation’s leading private wealth management firms, trust and estate attorneys and CPAs. The company is headquartered in Fairfield, CT with regional offices in Atlanta, Boston, Chicago, Denver, New York City, Philadelphia, Salt Lake City, San Francisco, Los Angeles and Seattle.