Foundation Source Achieves Major Milestone in Formation of New Private Foundations
FAIRFIELD, Conn., June 18, 2009 — Foundation Source, the nation’s leading provider of support services for private foundations, confirmed today that one out of every nine new private, non-operating foundations formed in the United States in the calendar year 2007 (the last year for which data is available) was formed on the Foundation Source platform. In determining its share of newly formed foundations, the company once again relied on data published in the Foundation Center’s annual report, Foundation Growth and Giving Estimates, which, in turn, is based on data published by the IRS.
Foundation Source works in partnership with the nation’s leading trust and estate attorneys, private wealth managers and trusted family advisors to provide a full range of back office, technology and support services. These services have found particular appeal among philanthropically-inclined families who seek the flexibility and control that only a private foundation can provide. Since the company’s founding in 2000, Foundation Source has set its sights on an ambitious agenda to thoroughly automate and simplify the formation and operation of the private foundation. Today, having achieved that vision and having radically lowered both the cost of entry and cost of operation, families with modest philanthropic budgets now take advantage of the benefits of a private foundations with the strength and experience of Foundation Source as their silent partner.
Since its inception, Foundation Source has introduced numerous innovations that have thoroughly transformed the way private foundations are set up and operated. Among them:
* Foundation Formation: Trust & estate attorneys coast-to-coast rely on Foundation Source’s highly regarded “Fast Track” service to form new foundations for their clients. Foundation Source is able to provide fully functional, newly formed foundations (set up as corporations) within three business days for under $5,000.
* Cost of Operation: With its full suite of back-office, technology and support services, Foundation Source has been able to significantly lower the cost and radically simplify the operation of private foundations. Today, foundations are routinely formed on the Foundation Source platform with assets as little as $250,000 - $500,000.
* Flexibility and Control: Through an ever expanding array of technology and service innovations, Foundation Source continues to provide its clients with the ability to freely to “express” their philanthropy in ways never conceived before the debut of the Foundation Source service. Examples include: