Internal Controls for Grantmakers
Grantmaking is all about trust. When trust is broken, it is expensive and time-consuming to repair.
An important part of building trust at a foundation is to create and sustain a culture that supports the effective and efficient use of foundation resources in an ethical manner. For stakeholders relying on information from foundation staff members, trust-building includes providing reliable information about what is going on with funds and charitable works.
Foundations demonstrate trustworthiness to our communities as well as governmental entities by being good corporate citizens who comply with all relevant laws and requirements. All of this trust-building activity is supported by strong internal controls.
Internal controls have three primary goals: protecting the effectiveness and efficiency of operations, supporting the reliability of financial reporting, and ensuring compliance with applicable laws and regulations. These goals support the charitable mission of the foundation, driving operational efficiency, seeking better outcomes with the foundation’s resources and doing the important work of the foundation in an ethical manner.
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