For many private foundations, the declaration of a mission, a statement that specifically defines their charitable activities and intent, can prove immensely beneficial – especially when the mission evolves over time as the foundations grow and gain philanthropic experience.
A mission statement can help a foundation:
- Focus its efforts and planning. As philanthropic causes are nearly endless, a mission can help foundations prioritize their initiatives and allocate resources efficiently.
- Maximize its philanthropic impact. A mission can enable a foundation to track its impact over multiple cycles of grantmaking, which creates opportunities for learning and improvement.
- Attract support and participation. With a mission statement that clearly defines its priorities, a foundation can more effectively attract and engage donors, grantees, volunteers and other outside stakeholders.