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"Family foundation" is not a legal term, and therefore, it has no precise definition. Yet, approximately two-thirds of the
estimated 44,000 private foundations in this country are believed to be family managed. The Council on Foundations defines a
family foundation as a foundation whose funds are derived from members of a single family. At least one family member must
continue to serve as an officer or board member of the foundation, they or their relatives play a significant role in
governing and/or managing the foundation throughout its life. Most family foundations are run by family members who serve as
trustees or directors on a voluntary basis, receiving no compensation; in many cases, second- and third-generation descendants
of the original donors manage the foundation. Most family foundations concentrate their giving locally, in their communities.
Resources for Family Foundations
Frequently Asked Questions
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Partial text reprinted with permission from the Forum of Regional Associations of Grantmakers.
©2003 Indiana Grantmakers Alliance, Inc.
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