Chamber Foundation QuickPoll - Results Available
The vast majority of respondents to our recent QuickPoll on Chamber Foundations either currently manage a 501(c)3 foundation or have one in the works. The results provide details on foundation missions, funding, and staffing - as well as some good advice from your chamber peers. Some highlights:
"Establish foundation governance that shows independence from your Chamber board. Establish a clear financial firewall between the Chamber and your foundation so that the IRS will not consider your foundation to be a supporting organization for your Chamber activities. Supporting organizations under 509(a) cannot receive grant funding from private foundations. Create strong contractual documents for rental of space and allocation of costs for staff time and network resources, etc. Draft your mission very broadly before submitting form 1023 to the IRS. Think big picture in allowing enough leeway to include programs or initiatives you may want to incorporate years down the road. You do not want to have to resubmit to the IRS when you expand your focus later."
"Talk with other chambers who have already gone through this process. Use the ACCE & WACE resource library. Ask everyone you know about nonprofits. We launched our foundation 3 years ago and at that time it was difficult to find chambers that had active or successful foundations. Do not give up, keep asking, and push forward."
"Be in it for the long haul."
Thanks to all who participated! For more information and resources related to Chamber Foundations, please see our Chamberpedia page on the topic.
(The full list of ACCE QuickPolls is available here.)