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| Best Practices |
Fortifying Foundations
Darlene Siska
08/02/2004
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Both Fidelity and Foundation Source say
their digital approaches are easier and less expensive than hiring specialist
lawyers and accountants. However, both have their limits. Foundation Source
Chairman and CEO Daniel M. Schley admits that the firm is not prepared to
evaluate grants or help grant makers collaborate with one another. Instead, it
aims to complement the services of other philanthropic advisors. As its
clientele grows, Foundation Source hopes to build an online community of private
foundation backers who can share information.
Because of the wide range of
expertise and approaches consultants, banks and even law and accounting firms
offer, we should carefully weigh the experience of each against the types of
tasks we intend to delegate. Recommendations from our peers are often crucial to
finding a competent firm, and one that is a good personal match. With an
institution so central to our families’ missions and public personas, this is no
small consideration. Questions to Ask Before Outsourcing
• How many former foundation executives work for your firm and what are their specialties? • Do you have an administrative staff that can provide an attractive
public face for my foundation? • What types of foundations comprise your client base and what types of
grant making do they practice? • Do you assist with grant-making strategy and execution or do you
solely provide administrative support? Art by Jim Frazier
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