Charitable Foundations

Virtual Business Solutions, LLC offers a broad range of services for foundations.  Currently we serve two foundations with varying needs.  The primary service that we offer is our database service.  VBS can create and maintain a database for foundations that serves many purposes but primarily provides a history of the family’s philanthropy.  It is also useful for current decision making purposes by having the ability to make year-to-date reports, reporting a history of a foundation’s giving so that current proposals can be compared to prior year’s philanthropy, which can gain insight into the funding of a current proposal.  It can also provide a history of giving to a particular non-profit organization. 

For a family foundation that has multiple family members involved in different geographic areas, the giving to those individual family members by geographic area can be included in a report or by any combination of family members or geographic area.  Certain math functions can be imbedded into a report so that percentages can be shown identifying individuals, geographic areas or organizations and indicating a percentage of what those areas are receiving.  The report can also be used as an aid in preparing the 990-PF tax return by producing certain reports needed for that tax return.  When electronic filing is mandated by the IRS, the reports could be attached electronically to a tax return if the tax return does in fact allow that.

Virtual Business Solutions, LLC provides some management services for one foundation by providing reporting on all contributions and providing bookkeeping services for all distributions.  Also scheduling and setting up meetings for board members, providing memos or minutes of board meetings, handling all general correspondence related to any proposals received from informing the non-profit that their proposal has not been favorably reviewed up to sending a check to that recipient.  All activity is tracked through the use of a spreadsheet noting when proposals are received, the type of proposal, the action taken, and any other additional information that that foundation may want to see.

Rebecca Ramsey, a principal of VBS, has had 18 years experience working with foundations and can lend her expertise to your needs.
 

6 S. Main Street, Washington Trust Building, Suite 412, Washington PA  15301