Family Foundation Governance: Going Beyond Fiduciary Duty
Author: Meg Lassar.
Source: Volume 12, Number 03, March/April 2013 , pp.1-3(3)
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Abstract:
By helping clients to understand the importance of good governance, advisors not only protect them from potential malfeasance but also pave the way for more enriching philanthropic experiences that translate to deeper client/advisor relationships and stronger ties with the next generation. Ideally, family foundation trustees will be engaged in the work of the foundation on various levels: from determining the foundation’s overall mission and philanthropic strategy to codifying the procedures and policies that guide daily operations.Keywords: Board structure; trustee responsibilities; mission statement; priorities; nonfamily; term limits; lifespan
Affiliations:
1: Strategic Philanthropy, Ltd..