The increasing popularity of private club foundations has caught the attention of those seeking to engage in charitable and related activities that support the club’s mission. Often times this includes select community service projects and educational programs such as the development of a library or an expanded art collection. Some foundations also focus on creating grants and scholarships which are awarded to students on an annual basis. They key is that these foundations, and related endowments, provide a means for members and others contribute to projects they believe to be personally significant.
These foundations are a popular way to direct resources and energy into member’s passions. However, there are a host of legal and accounting issues that need to be considered prior to foundation establishment. In addition to signing the paperwork, the process, and mechanics around how the foundation will function, who will serve on the Board of Directors, and more needs to be decided.
Interested in learning how your private club can set up a foundation?
Download the first article in the Philanthropy in Clubs series which was originally published in Club Director and co-authored by Kevin F. Reilly, J.D., CPA, CGMA.
Reprinted with permission from the spring 2020 issue of Club Director published by the National Club Association.