By Paul Serini, The Helen J. Serini Foundation
When my wife and I set up our family foundation in 2012, we engaged my three children (then in their late teens and early 20s) in deciding whether a foundation was something we wanted to do as a family. We pressed the kids long and hard, even handed out questionnaires, wanting it to be a collective decision, a shared responsibility.
All three stepped to the plate. They made clear that they understood the responsibility and accepted the challenges. From there, we developed everything about the foundation in cooperation: the size and number of grants, voting rules, areas of focus. We designed our grantmaking approach to give back as much as possible, meaning we look for ways to partner beyond dollars. We think very carefully about strengthening the organizations we work with.
In time, say 10–15 years, I want to step back and have my children run the foundation. That means being conscious about ceding control and viewing all foundation members—regardless of age—as equals.
Sharing Control Peer to Peer
The biggest challenge we’ve encountered—and I have to believe this is the biggest challenge of any young organization—is sharing control as peers. On a small board composed of three kids, two parents, and a bunch of other 65-year-old adults, it’s something that requires a conscious effort in all interactions. But it’s worth it.