Clients with established private foundations might appear to have no further need for counsel around their philanthropic needs. Appearances, however, can be deceiving. Even clients who have had their foundations up and running for years may have concerns and challenges that you could help address. By asking the following questions around what’s working well and what’s not as satisfactory, you can engage your clients around their foundations and assess their needs.
Client Checklist
• What motivated you to start your foundation? To what extent is the foundation living up to your original vision?
• How do you currently administer your foundation? Which parts of running a foundation go easily and which are more onerous or time-consuming?
• Do you spend more time on foundation administration than you would like to? Can you keep up with everything that needs to be done?
• When you need guidance or have a question, to whom do you turn to talk about funding, compliance, mission, governance, and grantmaking?
• Are you proactively undertaking tax-planning measures to help you qualify for a reduced excise tax rate of 1%?
• What measures have you taken to minimize the risk of compliance issues and their potential for reputational harm?
• How does your family engage with your foundation? To what degree would you like them to be more involved?
• Are you satisfied with the results you’re getting from your grantmaking? Do you feel like you’re making a real difference?