At kitchen tables across America, we’re mulling over what the current economic situation means for each of us. Jobs, bills, education, loans, investments, travel, holiday shopping, donations.
With the exception of holiday shopping and perhaps travel, similar conversations are happening around foundation boardroom tables as well.
Decisions to shift funding guidelines, focus areas, investment practices, grant timelines, grant payouts, internal staffing and organizational short- and long-term priorities – the list goes on – are not made lightly or quickly. And for many board members and trustees, this is the first time they’ve encountered such significant and perhaps drastic discussions.
These conversations and decisions by foundation leaders are critical and necessary. MCF’s Effective Governance Principle calls for its members to share a commitment to excellence and achieve effective governance by ensuring performance in the areas of stewardship of assets, donor intent, fiduciary responsibility and sound decision-making.
Join the conversation: What types of effective governance decisions has your organization made during these challenging times? What shifts and changes in how your organizations does its work have resulted from discussions by your board or executive leadership in response to the economic stresses we’re facing?
Here is one example: Marina Munoz Lyon, vice president of the Carl and Eloise Pohlad Family Foundation, recalls going to the offices of Pohlad family members to discuss how the foundation could step up to support communities in need. The foundation, winner of the 2009 Minnesota Nonprofit Award for Responsive Philanthropy, established a $20 million Economic Crisis Initiative last spring.
In the video below, which was shown at the awards presentation at the Minnesota Council of Nonprofits and Minnesota Council on Foundations Joint Conference Nov. 5-6, Jim Pohlad, Pohlad Foundation board member, says, “We took a big chunk of principle and decided that it’s more important to spend it now.”
- Chris Murakami Noonan, MCF communications associate
[...] of this award have included current and past MCF members including the Frey Foundation and the Carl and Eloise Pohlad Family Foundation. Full details and deadlines can be found at [...]