If a church is setting up a foundation or if a church is concerned about their foundation’s setup, hopefully this is a help. The template is linked below which gives you some good language. The video gives more of the reasoning behind the language.
Here’s the bullet-point version:
- 501(c)(3) Language: This is mandatory if you are applying for 501(c)(3) status for your church foundation. You do this through Form 1023. It’s a long process so give yourself 6-12 months…even if you have the correct language. Double that number if you get it wrong.
- Members: Every corporation has members. These are the “owners” of the foundation. The church should be clearly established as owner of the foundation. The foundation is to keep the church’s mission in mind as they work to fulfill their duties.
- Directors: You want people on the board of directors that want to serve. That does mean allowing people an easy exit ramp when it’s time to step off the board.
- Template Articles of Incorp/Bylaws: https://www.dropbox.com/s/7juc9xawz20p5h9/Foundation_Articles_of_Inc.docx?dl=0
- Springly’s Walkthrough of 501(c)(3) Language: https://www.springly.org/en-us/blog/articles-of-incorporation-nonprofit/
- Dakotas Methodist Foundation: http://dakotasumf.org/
- Minnesota Methodist Foundation: https://www.mnumf.org/