GEOList Summary: Family Members Proposing Ideas
We are an operating foundation and provide a variety of opportunities for the family to engage in philanthropy. Occasionally family members from generations 1 – 4 propose ideas to invest in philanthropic initiatives that are aligned with or different from our core mission. We would like to know whether other family foundations have a formalized process for family members to propose ideas for philanthropic initiatives that are (or are not) related to your foundation’s mission. Some questions we have: - Do they need to present a business plan? - Do they need to present their idea in written form? - Who reviews their idea? How is the idea vetted, and who approves or declines the idea? - Finally, if the idea is approved, how do you handle budgeting it and tracking its process in a philanthropic database, such as GIFTS Online?c
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