1. Community Foundation Boards: Fiduciary Duties and Unique Considerations

Community Foundation Boards: Fiduciary Duties and Unique Considerations

$299.00
Event ID: 73415
Session ID: 16199
Duration: Scheduled for 90 minutes including question and answer period.
Presenter(s): Casey Summar, Attorney at law
Credits: Certificate of Attendance

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Community Foundation Boards: Fiduciary Duties and Unique Considerations

How is being on the board of a community foundation different than other board service? What are some of the unique considerations and pitfalls to avoid from a legal standpoint? Serving on the board of a community foundation can be a very rewarding experience due to the vital role these organizations play in many communities nationwide. However, by virtue of managing a multitude of funds, you might find issues arise around the board table that are new to even the most seasoned board member.

Please join Casey Summar as she discusses the fiduciary duties of a board member of a community foundation as well as any potential personal liability and how this can be addressed through insurance and other protections. In addition, we will look at special considerations for community foundation boards, primarily your responsibilities in the oversight of donor-advised funds, exercising variance power and managing investments under the Uniform Prudential Management of Institutional Funds Act (“UPMIFA”).

WHAT YOU’LL LEARN

Just a sampling of what this webinar will cover:

  • Fiduciary duties of board members of a community foundation.
  • Examples of how to satisfy and breach the duty of care in the community foundation context.
  • Examples of how to satisfy and breach the duty of loyalty in the community foundation context.
  • Possible personal liability for board members of a community foundation.
  • Minimizing personal liability through indemnification, immunity and insurance for board members.
  • Donor-advised funds: what they are and board oversight responsibilities.
  • Variance power: what it is, why it is essential and how community foundation boards exercise it.
  • Uniform Prudential Management of Institutional Funds Act (“UPMIFA”): what it is, why it is important for community foundations and board fiduciary responsibilities under UPMIFA.

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