As discussed in the first article in this series, many clubs have established or are beginning to consider establishing a club-related foundation. The impetus for creating a foundation may be a member’s interest in making a substantial contribution (and receiving a tax deduction), a desire to garner donations for various worthy purposes, or an interest in pursuing charitable activities that complement the primary mission of the club.
In this third article in Club Director’s Philanthropy in Clubs series, we take a more in-depth look into foundations, including best practices, mistakes to avoid, and what is involved in successfully managing a foundation. Three case studies highlight what can go wrong and include the key takeaways to be learned from each example.
Download the third article in a series on Philanthropy in Clubs which was originally published in Club Director and co-authored by Kevin F. Reilly, J.D., CPA, CGMA.
Reprinted with permission from the fall 2020 issue of Club Director published by the National Club Association.