By Lauren Kotkin, Exponent Philanthropy

Two recent Exponent Philanthropy programs surfaced some great takeaways. Check out our Educational Programs calendar for upcoming in-person programs, conference calls, live Q&A chats, and webinars.

At Foundations 101 last month in Lansing, Michigan, offered in partnership with the Council on Michigan Foundations, two dozen grantmakers gathered for the daylong seminar. Jeff Glebocki, principal of Strategy + Action Consulting and an Exponent Philanthropy board member, facilitated the day, along with attorney Jennifer Oertel, partner at Jaffe, Raitt, Heuer & Weiss, P.C. and an Exponent Philanthropy professional member.

As part of the day, participants were asked to share administrative tips for running their foundations. Here are six straightforward and helpful reminders that surfaced:

• Prioritize.
• Pick up the phone.
• Don’t be too proud to ask for help or have someone check your work.
• If you have a written policy, you need to follow it.
• Budget is a guide not a rule. Monthly progress may not always be 1/12 annual budget.
• Organize and distribute to foundation members a foundation handbook with history, policies, practices, grantmaking, legal documents, bylaws, finances, and so on. Review it each year with current and new members.

Do you have a helpful tip to add to the list?

See Exponent Philanthropy’s other resources on administration

On the Exponent Philanthropy Live Q&A chat on June 5, Peter Klein, CFA, managing director/partner of Klein Wealth Management at High Tower Advisors, answered questions about investment policy statements (IPS), which state in writing your foundation’s mission and goals, and how your investment policy and practices will help to achieve those goals.

Here are some highlights from Peter’s chat with participants:

• How often should a foundation review its IPS? Review is an ongoing process since the trustees and/or the investment committee need to remain vigilant. You want to be sure policies are being upheld. Regarding a complete review—or changes to the policies in the IPS—Peter suggests every 2 years. 

• Should the IPS specify the use of certain benchmark indices as a basis of evaluating the performance of the investments held in the portfolio? Absolutely, said Peter, benchmarks should be listed in an IPS. The trustees, investment committee, and the advisor need to know how their performance should be judged. 

• Where does one find investment managers that will find investments that further the mission of my foundation? Communication is key. The board or the investment committee must ask probing questions so there are no surprises and everyone is on the same page. By asking questions of your advisor, you can make sure that they understand the foundation and its mission—or at least minimize disconnects.

Read the full transcript

Get copies of primers in our Investments Collection (free in PDF to Exponent Philanthropy members)

Senior Program Director Lauren Kotkin plans a range of educational programs for the Exponent Philanthropy community, including conferences, webinars, and conference calls. She also dedicates a portion of her time to managing our resources on investments. Previously, she worked at the Council on Foundations in the Family Foundation Services department. Lauren holds an undergraduate degree from Duke University and an M.Ed. from Lesley University, with a focus on using arts in education.