When great philanthropists team up with us, amazing things happen.
No one understands the Foundation Source difference better than the donors who have experienced it firsthand. In their own words, four philanthropists on what’s possible when you combine their good work with our legwork.
“Since we are a one-staff foundation, Foundation Source has been instrumental in allowing me the freedom to focus on what is most important about having a foundation–and that is interacting with our grantees, listening to their hopes and dreams and then making those dreams a reality.
Jim Scarfone, SVP Human Resources and Administration
“Starting a corporate foundation was a big decision and move for us, particularly since we had no knowledge base in this area. Foundation Source made this transition in our charitable giving extremely easy.
“Our partnership with Foundation Source enables our clients to more efficiently manage their private foundations on a day-to-day basis wherever they may be. Foundation Source also provides the peace of mind that comes from knowing that experts in private foundation rules and regulations are monitoring foundation activities on a daily basis to ensure compliance.”
“Foundation Source allows my clients to find more joy and a greater sense of peace in their philanthropic work. Foundation Source handles the often confusing ‘adminis-trivia’ of grantmaking, so trustees can devote their time and talents to evaluating grants and deciding which charities to support.
“Foundation Source has pioneered new ways of administering foundations. It is the flagship of our philanthropic offering and helps us acquire new clients. Foundation Source offers an infrastructure and online capabilities that other foundation management firms can’t match.
“Foundation Source allows us to focus on key client issues as a financial advisor. They have far exceeded our expectations.
They are responsive and take all the problems and difficulties out of administering a foundation.”
“Foundation Source helped us rethink our entire application process and set up a new, online system for us, providing a great benefit for the Splawn Foundation and for the applicants. The web site that Foundation Source created makes it easier for us to organize, track and review the student applications.
“Foundation Source has introduced the Murphy Family Foundation to a totally modern and much faster way of working by receiving proposals online. We were up and running far more quickly than we expected. I’m always impressed by Foundation Source’s responsive service. It surprises me how far their people will go to assist us.
“Foundation Source takes the tedious, dull work out of running the foundation. Now when we gather for foundation business, we are far more productive and really enjoy being together.
“As one of the largest foundations in Wyoming, we get many worthy grant requests. Foundation Source allows us to organize and respond to the requests by managing our administrative needs effectively and efficiently. They have become our virtual back-office, allowing us to be out in the community doing our good work, not behind a desk managing our ‘extensive’ IRS obligations.
“Foundation Source helped my community as much as it helped me. They are ‘can do’ people who respond immediately to every request. They make helping others so much easier.”
“Foundation Source did an exemplary job of setting up my foundation and now handles all the administrative tasks. That means they keep the foundation’s records, process and issue checks for grants, and file all the necessary tax returns.
“I really appreciate Foundation Source’s diligence and commitment to keeping my foundation in good standing with IRS regulations. They’re friendly people who do great work, at a reasonable price.
“I like Foundation Source so much that I took the initiative to personally thank the founder for starting the company.”
“Foundation Source takes the hassle and headaches out of trying to do it yourself. The research they provide helps us make sure we’re donating to legitimate organizations that will use the grants wisely. We tell Foundation Source how much we wish to give and what to say in the notification letter, and they do all the rest, including tracking and organizing foundation activities, and handling all federal and state filings.
“Foundation Source saves us tremendous amounts of time while helping us avoid costly mistakes. Now, instead of once-a-year giving, we can express our passion for philanthropy all year long. It has made our charitable giving a far more enjoyable and less arduous process. It’s now almost effortless. I can’t recommend Foundation Source and their services too highly.”
"Foundation Source has opened up a new world of philanthropic giving for us. They are terrific to work with, and Foundation Source does everything they say they will do.
"The Sievert Family Foundation has been utilizing the services of Foundation Source since November 2006, and we couldn't be happier with the quality of the company's work and the responsiveness of their staff.
"We rely on Foundation Source virtually every day... to fulfill pledges we've made, research charities we are interested in, and take the paperwork out of making gifts. We used to have a lot of great intentions, but our follow through was weak at best. We had never clearly defined responsibilities in running our family's foundation, and were always confused about who was doing what.
Established in 1997, Edwards Mother Earth Foundation now involves 12 family members spanning three generations. Since most board members have limited time and energy to devote to the foundation, Sonia Baker, the founder’s daughter, serves as Executive Director, handling most of the organizing and administration. This includes communicating with the charities, reading and summarizing 30 to 40 grant proposals a year, and handling all due diligence for a growing number of organizations.
Atlantic Trust creates investment, financial, and estate planning strategies customized for the needs of select individuals and families. Julia M. Beisel, a Vice President and the Senior Client Service Manager in charge of Private Wealth Management, has years of experience handling personal investment trusts. However, she readily admits that working with private foundations represented a major challenge.
An established foundation became a Foundation Source client in early 2006. During a conference call with the foundation president and the CPA who would be preparing the tax return during the transition year, they complained about the hefty excise taxes owed by the foundation that year, nearly $150,000 based on the standard 2% rate.
The Jewish Funders Network (JFN), an international organization of family foundations, public philanthropies and individual funders, helps form strategic partnerships to advance the quality and growth of philanthropy rooted in Jewish values.
Residing in the Florida Panhandle, the Price family wanted to establish a family foundation to provide direct help to individuals and families within the community who had encountered difficulties in their lives. However, according to Mrs. Jo-Ann Price, attorneys and tax advisors cautioned that IRS regulations governing private foundations made this type of granting complicated and time consuming.
For years after the establishment of the Murphy Family Foundation in 1986, its administrators had to deal with a time-consuming round robin of paperwork. They would receive written proposals, review them and pass them on to the foundation’s trustees for their review. Only then would the trustees meet to discuss the grant request. Often, the trustees would want to refer back to previous requests from one organization or another to see if changing circumstances warranted a different decision from the past. But it became increasingly difficult to keep all the information for each grant request readily available.
In 2005, Mr. Hagan decided to establish a charitable foundation. Because of his time commitments to his three young children and the demands of a fast-growing business, he wanted a turnkey operation that provided “simplicity and convenience.”
