Field of Interest Fund

KarenWolf

Our foundation has one field of interest fund and we have had a question about Board insurance come up. The field of interest fund has it's own Board of directors and committees and they are overseen by the foundation staff and BOD. The fund has been paying D&O insurance which can be quite expense for a small organization and the question has come up to us if they need to have their own D&O insurance since the fund is really part of the Community Foundation and our BOD oversees all their grantmaking recommendations. The group does have bylaws but they fall under our Community Foundation's 501c3.

Any recommendations on how your foundation works with FOI funds in this way would be helpful. Thank you!

TomWickersham

Karen,

I'm no lawyer, but I think it's pretty safe to say that D&O Insurance isn't needed for your fund advisors. Do you think the Wisconsin Nonprofit Resource Group might be able to advise you?

https://wisnrg.com/

Best of luck,

Tom

KarenWolf

@TomWickersham I would agree with you, but the committee for the fund is questioning it. Thank you for the resource!