Tab 5: Corporate Records or Minutes

Foundations submit corporate records or minutes for the most recent 12-month period. Not all key elements require annual discussion or approval by the board. For those elements, the foundation should submit the most recent minutes that cover discussion or approval of a pertinent policy. For all submitted minutes, highlight or flag the dates and specific sections that describe the board’s approval of the policies satisfying the key elements

Material Changes: For the purposes of reconfirmation, a material change is any change in policy that necessitated the board’s approval of a new document or policy referenced in the above key elements. For example, if the organization adopted a new conflicts of interest policy, documentation of board approval of the new policy should be submitted.

For more information, review Core materials, FAQs and a glossary of important terms

Related Standards

II. Mission, Structure and Governance

II.F.1    A community foundation's governing body is responsible for the mission, strategic direction, and policies of the organization.

II.F.3    A community foundation's governing body approves and monitors policies regulating the ethical operations of the community foundation.

II.F.6    A community foundation's governing body is responsible for the financial health and sustainability of the organization, including ensuring adequate revenue, monitoring expenses, and overseeing investment and spending practices.

II.F.8    A community foundation's governing body ensures that the community foundation reflects and serves the breadth and diversity of the community.

II.F.10    A community foundation's governing body approves all grants.

III. Resource Development

III.E    A community foundation adopts appropriate gift and fund acceptance policies and makes these policies available upon request.

IV. Stewardship and Accountability

IV.G    A community foundation has an annual audit (or financial review, when assets total less than $5 million) that is performed by an independent public accountant, reviewed and accepted by the governing body, and made available to the public upon request.

View all National Standards

Key Elements

1. The board’s exercise of authority over mission, strategic direction, and policies. Examples may include a strategic plan, evidence of benchmarking, and/or documentation of discussion of foundation policies.
2. The board’s approval of the annual budget.
3. The board’s approval of all grants or the board’s delegation of this authority.

4. Where the donor, the donor’s appointee, or a related party has some participation on a selection committee of a fund established to provide assistance to individuals for travel, study, or similar purposes, provide:
   
• the board’s approval (or the board’s delegation of that authority) of selection committees and
  
• the board’s approval of procedures.
5. The board’s approval of the conflicts of interest policy.

6. The board’s approval of the whistleblower policy.

7. The board’s approval of the document retention policy (electronic and paper documents).
8. The board’s approval of the confidentiality policy.
9. The board’s review and acceptance of audit or financial review.
10. Evidence that the foundation reflects the community’s breadth and diversity. For this key element, community foundations should submit materials demonstrating how the foundation, broadly speaking, reflects the community’s diversity through, for example, its staff, volunteers, grantees, donors, partners, vendors, etc. Sample characteristics/qualities that might be demonstrated include age, gender, race, ethnicity, geography, socioeconomic background, skill sets, profession/occupation, and political affiliation.

11. Evidence of the board’s oversight of a development strategy for operations and funds.
12. Documentation of the board’s approval (or the delegation of such approval) of the investment and spending policies.