Private Foundations

Maintaining the wishes of the giver.

The definition VMC uses for a private foundation is one that started with funds from a single source such as an individual, family, or corporation, and whose funds and associated programs are managed by a designated group of trustees or directors. A private foundation differs from a family foundation in that it may never be completely controlled by the founding individual, family or corporation; in many cases, founding individuals or family members are deceased. The burden of maintaining the intentions of the founders therefore falls on independent individuals. Quite often, these private foundations are small, with no need for a full-time Executive Director and any staffing. In these cases, VMC steps in and assists the Board of Directors in fulfilling the duties of the foundation.

Services may include:

• Continuous review of strategy to determine how to maintain wishes of the donor
• Partnering with the Board in decision making
• Performing “gatekeeper” duties for all the Foundation activities
• Performing grant management
• Preparing Foundation meetings
• Researching giving opportunities
• Developing an outcomes-based approach