Built on principle will help family foundations achieve excellence using the stewardship principles for family foundations as a blueprint for excellence youll learn about effective practices in board governance grantmaking succession planning communication ethics accountability and other foundation functions. They are a formidable component in any economy to help shape the larger community building value for the long term above and beyond wealth creation for generations to come stewardship is a defining hallmark of successful and enduring family businesses guided by their values and purposes successful family businesses remain resilient in the face of changing times and disruptions overcoming . 2 stewardship principles for family foundations council on foundations f 47 1 217 a unifying and ennobling odyssey for families with the means and the determination to make a difference in the world around them p n y 42 1921 1992 professor and family foundation board member how to use the principles. As private entities operating for public purposes family foundations must comply with federal state and local law but most go further these stewardship principles and practice options to strengthen performance describe how family foundations can reflect these fundamental values in their board governance management and grant making. These principles developed by the council on foundations are guiding ideals that describe how family foundations can reflect in their governance management and grantmaking fundamental values including honesty integrity fairness and respect each principle has practice options which are specific courses of action by which a foundation may improve performance related to the principle
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