Grantmakers Draft Standards and Oversight Principles
Grantmakers Draft Standards and Oversight Principles
The Council on Foundations, a D.C.-based association of two thousand grantmaking foundations and corporations, has announced that foundation board and staff members across the country have drafted standards and stewardship principles for family, community, and large private foundations, as well as corporate giving programs.
The guidelines clarify legal requirements, establish operational norms, and set standards for the governance of grantmaking organizations. The principles and best practices for family foundations and corporate grantmakers have been under development since last fall and were developed in part through a seven-city "Listening Tour" conducted by the council earlier this year that involved more than 270 foundations. Community foundation members of the council followed a similar practice two years ago in an effort to establish baseline standards that distinguish them from similar entities, while a group of large private foundations recently adopted a set of principles that they will use to review their governing practices.
"Accountability requires that the behavior is consistent with the words," said COF board chair Emmett Carson. "Adopting and adhering to high ethical standards is the best way for our field to demonstrate its ongoing commitment to maintaining the public's trust."
The council's statement noted that Independent Sector and the Forum of Regional Associations of Grantmakers are engaged in similar efforts, reflecting a sector-wide commitment to demonstrating accountability and effectiveness to the broader public.
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