Just saw this from the Fourth Quarter 2009 issue of the ECFA Focus on Accountability newsletter:

The majority of foundations defrauded by [Bernie] Madoff had four or fewer trustees. More than 80% of foundations that lost between 30 to 100% of their assets to Bernard Madoff’s Ponzi scheme had Read the rest of this entry »

Last Monday I got to see a demonstration of software meant to make the administration of private foundations much easier. Among other things, the program offers compliance services, including a review of grants to ensure there is no self-dealing; a review of potential recipients of grants to ensure they are, in fact, 501(c)(3) organizations, and thus eligible to receive tax-deductible donations; and a constant vigil over total annual foundation disbursements to ensure that the foundation hits its five percent (5%) minimum distribution requirement.

It was this last service that caught my eye. Read the rest of this entry »

I got a call this evening from someone I haven’t heard from in years. Totally out of the blue. We used to work in the same non-profit agency 17 years ago. He had been doing research on starting a family foundation and ran across our family’s foundation in a list of local entities.

“I know the Holzmanns!” he exclaimed. And called me up.

“I’m wondering if you might be able to provide some help . . . some advice . . . about starting and operating one of these foundations . . . ,” he said. He had no idea I’ve been working on StrategicInheritance.com.

I said I thought I just might be able to help. And so we spoke.

As I noted last month, I’ve been thinking of starting or sponsoring a mastermind group myself–or encouraging Generous Giving to sponsor such groups. In fact, the local Generous Giving rep has contacted me to talk about the subject. Hopefully we’ll get together soon.

But my friend’s call this evening just reinforced to me how valuable such groups could be.