The Trustee Governance Guide by Christopher K. Merker & Sarah W. Peck

Author:Christopher K. Merker & Sarah W. Peck
Language: eng
Format: epub
ISBN: 9783030210885
Publisher: Springer International Publishing

Donor Intent

Usually one or several major contributions—or money transfers—create the endowment of a foundation. During this transfer, the donor delegates the overall management and supervision of the funds to the foundation’s board and stipulates the primary objectives of their use. The board has a foremost duty to respect the original intent of the donor. In a way, the donor creates the original mission for the foundation and may indicate the types of activities that the foundation will support. It is worth repeating, nonetheless, that the donor gives up the “ownership” of the funds—he or she alone can no longer make financial decisions regarding the use of the funds or control the details of grant making. Without this premise, the original gift is not tax deductible.

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