Though many people enjoy the experience of giving for years through a private foundation, sometimes private foundations run their course. In these cases, the Billings Community Foundation provides a good option for the transfer of funds—enabling you to terminate your private foundation yet continue its charitable mission.
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FAMILY FOUNDATIONS
While rewarding, administering the grantmaking of your private foundation can be time-consuming and even costly. If you enjoy the experience of your private foundation but seek simpler management, the Billings Community Foundation provides a variety of fee-based, back-office services:
- Working with trustees to craft a charitable mission statement, identifying your foundation’s goals and grantmaking priorities and assisting in developing consistent grant guidelines.
- Providing input on community needs and conditions.
- Evaluating grant proposals to assure alignment with your priorities and guidelines.
- Processing grant requests, including a review and summary report on proposal quality.
- Due diligence, grant administration and check processing.
- Monitoring and evaluating grant recipients.
- Following grant decisions made by trustees, sending out notification letters, writing checks and reporting on the status of grants.
- Financial reporting.
*Donor Advised Funds and Donor Designated Permanent Endowments are both excellent, cost-efficient alternatives to private foundations.
**Many donors choose to maintain both a private foundation and a fund with their community foundation. The two can work in concert to achieve certain charitable and financial objectives.