Foundation Source, a provider of management services for more than 2,000 private foundations, said it has created software to make operating and managing foundation operations easier for the foundations’ advisors and managers.
The software, called Impactfully Select, is a cloud-based platform developed to address the operational, expense management and grant-making needs of private foundations, the company said.
Impactfully Select creates a dashboard that provides workflow and task management of compliance, communications, grant requests, impact planning and budget management operations. It also enhances the management of grants providing tools, request tracking, committee voting, curated templates, self-service grantee status review, and progress reporting in a simplified form, Foundation Source said.
Integrated expense workflow is provided to centralize disparate tasks like expense requests, payment approvals, department budget caps and disbursements in one system. It also creates actionable reporting and analytics system that enable users to see a holistic view of their expenses, grants and audit data with built-in visualization templates and best practice standard reports, Foundation Source said.
Impactfully Select is available by subscription for member foundations.
The software is particularly useful for advisors to foundations who struggle with fragmented solutions that aren’t integrated; to younger philanthropists, and families with rising generations, who are assuming bigger roles in the family’s foundation and want a tech solution to facilitate their giving; and advisors to foundations who want a single destination to manage all foundation activities and data, Foundation Source said.
“With Impactfully Select, we have created a feature-rich platform that meets the needs of philanthropists seeking agile and collaborative digital solutions, particularly foundations that are managed by in-house staff or third-party professionals and want an integrated view and collaboration tools to increase impact,” Steve Aponte, vice president of product and strategy at Foundation Source, said in a statement.