A Trusted Resource for Families and Financial Advisers.
Sterling Foundation Management is honored to work with some of America's most respected families as well as their financial advisers. Families that prefer to be more directly involved in the formation and management of their foundations will appreciate the simple, straightforward approach of Sterling. All of our services are focused on helping you fulfill your personal vision of philanthropy through your foundation.
Families who rely on financial advisers to manage foundation details can trust that Sterling will collaborate fully with their advisers to achieve the family's objectives. Sterling understands that financial advisers handle myriad responsibilities for their clients. We've streamlined the foundation process so that advisers can effectively provide this valuable service to clients with the strong support of Sterling's expertise.
Whether working with families or financial advisers, the Sterling approach is the same: offer personalized services to help bring impactful foundations to life.
Our Services
Sterling Foundation Management provides you with comprehensive foundation management services so that you can enjoy all the pleasure, gratification, and satisfaction that come from an effective, well-run foundation. You'll learn how we can quickly create your foundation for you, and how we free you from the administrative burden of maintaining your foundation. Most important, you'll learn about the unique set of skills, knowledge, and experience that Sterling puts to work on behalf of your foundation to give you an edge in philanthropy - the Sterling Edge.
We can help your foundation in many areas: grantmaking procedures; cash management; expert knowledge; best practices management; leverage; tax planning; Vision, Values, and Family; effectiveness measurement; and general support. We explain each of these in more detail below, and use specific examples to illustrate how we create value for our clients.
As you will see, we create value in a wide variety of ways, some of which are measurable in saved money, some in saved time, and some in saved lives. Our services more than pay for themselves in actual savings and added value for our clients.
Creating Your Foundation
Sterling makes it simple and quick for you to have your new private foundation. Typically, we create a new foundation in as little as 24 hours. We arrange for the creation of the not-for-profit entity (which is the legal status of a foundation), secure the tax identification number, and submit the application for tax free status. Initial bylaws and articles give you maximum control and maximum flexibility. These can be amended at any time as you develop and refine your views on how you want your foundation to function.
To create a new foundation, you need only complete and sign a one page application, and pay a low, all inclusive creation fee. Only three simple decisions are required on your part: what to call the foundation, whom to name as the initial directors, and how much to start your foundation with.
Foundation Administration and Management
Every foundation is required to keep complete books and records. Sterling compiles and maintains the required books and records. In addition, each foundation receives complete tax compliance services. We manage the information gathering, worksheet preparation, and tax filing (on both the federal and state level) to make sure that the foundation retains its tax-exempt status. We maintain archival copies of returns and necessary back-up information. We also monitor changes in federal and state tax laws and regulations, and make adjustments as needed.
We also manage all the necessary state and corporate requirements for each foundation. We maintain the foundation's good standing–including all necessary organizational and attorney general filings, state filing fees, and required informational reporting. We make sure that necessary items such as annual meeting minutes are completed and that organizational books and records are in proper order. Sterling also creates and maintains complete grant compliance files for each foundation. Unlike gifts from individuals, gifts from foundations must be carefully and specifically documented in order to be legal distributions. Critical pieces of information must be obtained. Many non-professionally-managed foundations simply write checks and do not perform the due diligence required by law. Failure to conduct required due diligence can result in the payment of steep excise taxes. Even worse, it can threaten the deductibility of your gifts to the foundation.
Your Success in Philanthropy
Success in philanthropy comes from doing the very most that you can, given the limits of your available resources, to make the world a better place. Sterling's role is to help you stretch those limits by putting to work for you the growing body of knowledge, skill and practical experience which we have gained over many years. We are very proud of the good that our clients have accomplished, and we are honored that they, in growing numbers, enthusiastically seek and appreciate our assistance.