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| Best Practices |
Fortifying Foundations
Darlene Siska
08/02/2004
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The enormous wealth creation in the late 1990s was a tonic for the foundation
consulting and services industry, which blossomed to serve the growing ranks of
time-pressured entrepreneurs-cum-philanthropists. Even today, despite dwindling
endowments, some donors continue to outsource at least part of the logistical
burden of their foundations.
 With administrative obligations, cost pressures
and regulatory requirements growing, foundation consultants hope for another
boom in the outsourcing business. They may have a long wait ahead of them, notes
Karen Green, managing director of Family Foundation Services at the Council on
Foundations, a Washington, D.C., trade association for grant makers. “Most
family foundations are pretty small, and families are pretty passionate about
what they do,” Green explains. “They like to do the management themselves. And
[accounting and legal work] related to compliance is already outsourced, in that
family foundations are already working with a lawyer or CPA.”
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