The Standard
A community foundation's governing body reviews and adopts an annual operating budget.
Underlying Rationale
A core demonstration of the governing board’s responsibility to operate efficiently and effectively according to its mission and exercise proper stewardship of the funds placed in its care. State law imposes a duty of care upon each and every board member that holds him or her personally responsible for ensuring proper stewardship over foundation resources.
Potential Outcomes
Trust and confidence in the community foundation is enhanced.
Donors are assured that the board exercises proper stewardship over the funds placed in its care.
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