FAIRFIELD, Conn., Sept. 10, 2013 (GLOBE NEWSWIRE) -- Foundation Source, the nation's largest provider of support services for private foundations, today announced that it has launched a comprehensive offering to help companies establish and operate their corporate foundations. The end-to-end solution provides corporate foundations with full administrative support such as transaction processing, compliance monitoring, and state & federal filings, along with specialized technology and services to administer employee matching gifts, volunteer activities, and scholarship programs. The services are designed both for companies that are ramping up their foundations, and those that want to expand their philanthropic impact.
According to Anders Soderstrom, Chief Operating Officer of Foundation Source, "Corporate foundations help companies focus their philanthropic activities, strengthen employee engagement, and take advantage of tax benefits; but they can also be challenging to administer. Foundation Source's Corporate Foundation Services enable companies to hand off the complex 'process' work associated with running a foundation, so that companies can focus on the higher-level aspects of corporate philanthropy – for example program development and community engagement."
Supporting the launch, Foundation Source has published a free white paper: "Keeping Your Corporate Foundation Compliant," available for download on their site. The paper provides guidance on five common areas where corporate foundations may run into trouble.
1. Sharing staff, office space, and business equipment
2. Receiving company recognition for foundation donations
3. Accepting tickets to charity galas and events
4. Compensating foundation employees
5. Providing scholarships to employees and their children
The authors of the white paper, Foundation Source Chief Legal Officer Jeffery D. Haskell and Philanthropic Director John Oddy, will be hosting a free, 45-minute webinar on corporate foundation compliance on Wednesday, October 9 at 2:00 p.m. ET / 11:00 a.m. PT. Those interested in attending can register for the webinar here.
According to a 2012 study by the Foundation Center1, there were 2,718 corporate foundations in the United States in 2010, which accounted for $5.2 billion in giving – or 11% of all foundation giving that same year. Almost one-third of all corporate foundations were established in the 2000s.
The recent growth in corporate foundations was spurred by their tax benefits and their ability to centralize and focus companies' philanthropic activities and foster employee engagement. Furthermore, corporate foundations are the ideal vehicle for running corporate volunteer and employee matching programs – both of which strengthen workplace culture, engender staff loyalty, and help expand a company's philanthropic footprint. From a tax perspective, running corporate giving through the foundation allows companies to engage in activities that would otherwise not be tax deductible if handled directly by the company.
According to Soderstrom, "Although corporate foundations offer considerable benefits, in most cases, the employees running the foundation have other 'full-time' jobs within the company, and their training and background are in areas unrelated to philanthropy. The reality of complex IRS regulations and ever-changing tax laws can make it quite challenging for these individuals to stay up to date and keep their foundations compliant. Outsourcing the administration and compliance oversight of the foundation can provide tremendous relief and also leave staff with more bandwidth for 'running the business.'"
The following features are part of Foundation Source's Corporate Foundation Services offering (visit http://www.foundationsource.com/who-we-serve/corporate-foundations/ for a more comprehensive overview):
- Corporate Foundation Management Services
- Administrative support (including compliance monitoring, transaction processing, tax preparation and filings, and reporting)
- Online foundation management tools (including research and ratings on nonprofits, simplified review and approvals, automated grantmaking processes, and detailed tracking and reporting)
- Online Grants management
- Client support services (each foundation is assigned a dedicated Private Client Advisor, available to answer questions and assist on any matter)
- Advisory Services (aligning corporate philanthropy with company goals, developing funding strategies, and creating guidelines and application materials, etc.)
- Matching Gift and Volunteer Activities
- Full support for matching gift and volunteer programs that are run through the corporate foundation
- Corporate Administrator Dashboard makes it easy to set up, manage, and track individual matching gift and volunteer programs or to see the big picture across all employees and all programs
- Participant Dashboard (branded for the company) provides eligible managers and staff with instant access to company giving initiatives
1 Foundation Center, "Key Facts on Corporate Foundations," August 2012, http://bit.ly/UEok6T
About Foundation Source (www.foundationsource.com)
Foundation Source is the nation's largest provider of comprehensive support services for private foundations, bringing unparalleled knowledge and expertise to clients across the country. The company's administrative services, online foundation management tools, and philanthropic advisory services provide a total outsourced solution for private foundations. The result: better-run and more effective foundations. Our clients supply the funds, the vision, and the philanthropic goals; we take care of everything else.
Today, Foundation Source provides its services to more than 1,100 corporate, family, and professionally staffed foundations, of all sizes, nationwide. The company provides its services directly to philanthropically focused businesses and families as well as in partnership with the nation's leading private wealth management firms, law firms, and accounting firms. Foundation Source is headquartered in Fairfield, Connecticut, with offices in Dallas, Denver, Los Angeles, New York City, Philadelphia, San Francisco, South Florida, Washington, D.C., and Winston-Salem.