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Minnesota Council on Foundations Renews
Commitment to Philanthropy & Public Trust
Aug. 15, 2007
The Minnesota Council on Foundations has released two Philanthropy & Public Trust publications for distribution to all 1,400 foundations in Minnesota to guide the work of philanthropic organizations of all types and sizes. The new publications focus on the Minnesota and federal legal requirements and ethical standards for organized philanthropy in Minnesota.
”Foundations are stewards of charitable assets and have the responsibility to serve the public and maintain its trust,” said Bill King, president of the Minnesota Council on Foundations. “Awareness of these ethical practices and legal obligations is the essential issue, and we are committed to encourage all foundations in the state to live up to foundation responsibilities.”
Minnesota has led the nation in identifying the need to codify principles for philanthropic organizations and recommended ways to engage in principled grantmaking. In 1996, the Minnesota Council on Foundations, which works actively to strengthen and expand philanthropy, became the first regional association of grantmakers to require its members to subscribe to a set of principles for foundations and corporate giving programs. The Minnesota model of principles and practices has been adapted by regional associations of grantmakers around the country.
A decade after launching the first Principles for Grantmakers, MCF developed the principles to place them in the context of today’s best thinking regarding philanthropic practice. Foundation and corporate giving in the state now tops $1 billion annually, and MCF supports increased philanthropy via traditional grantmaking, as well as newer forms of philanthropy such as giving circles, venture partners and the growth of donor-advised funds in community and public foundations.
“Minnesota philanthropy has expanded significantly,” said King. “There are new players, new approaches and philanthropic vehicles, larger wealth at younger ages, and increased research of the field that has made all these trends noteworthy.”
To underscore the importance of Philanthropy & Public Trust work and implement outreach to all foundations in the state, MCF developed the two new publications:
The MCF Philanthropy & Public Trust publications are available in HTML and PDF format at www.mcf.org/publictrust. A Self-Assessment Tool for Private Foundations and other resources are also available on the MCF website.
Founded in 1969, the Minnesota Council on Foundations serves the Minnesota community of grantmakers. The Council is a regional membership association working to improve the vitality and health of communities. Council members include family and private foundations, community and other public foundations, and corporate foundations and giving programs.
Media contacts:
Jane Ferguson, Vice President of Communications and
Information Services, 612.335.3597,
jferguson@mcf.org Megan Sullivan, Communications Associate, 612.335.3417,
msullivan@mcf.org
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