Council on Foundations Recognizes The Minneapolis Foundation
for Compliance with National Accountability Standards

TMF Also Receives Charity Navigator's Highest 4-Star Rating for Sound Fiscal Management

Minneapolis , MN – The Council on Foundations has recognized The Minneapolis Foundation (TMF) as demonstrating compliance with the organizational and financial practices that are in accordance with the National Standards for U.S. Community Foundations. The Foundation is the first in Minnesota to receive this designation.

In addition, Charity Navigator, which evaluates and rates charities nationwide, awarded TMF its highest 4-star rating for the Foundation's ability to efficiently allocate and grow its financial assets. This designation indicates that TMF outperforms most charities in America in its efforts to operate in the most fiscally responsible way possible.

The Council on Foundations and leaders of the community foundation field created a rigorous set of National Standards in 2000 to aid community foundations in establishing legal, ethical and effective operational practices that demonstrate the foundations' transparency and financial responsibility, especially in light of the increased public scrutiny of foundation practices.

“We are pleased to be recognized for our continuing commitment to ethics and accountability,” said Steve Roszell, chair of the Board of Trustees of The Minneapolis Foundation. “Demonstrating that we adhere to the highest standards is the best way we can reinforce our ongoing commitment to maintaining the trust of our donors and the entire community, and we continuously work to reaffirm the honesty and integrity that are the hallmarks of the Foundation.”

Intended both as a blueprint for internal organizational development and as a tangible set of benchmarks for external assessment of performance, the 43 National Standards address six key areas of community foundation operations:

•  Mission, Structure and Governance, including standards defining board accountability, compensation, independence, fiduciary responsibility and representation of the community.

•  Resource Development, including parameters for administration of funds, disclosures to donors and commitment to building long-term resources for varied community issues and causes.

•  Stewardship and Accountability, covering prudent investment and management of funds, transparent record-keeping, use of funds for their intended purpose, annual audits, and public availability of financial information, including standards related to due diligence and community responsiveness.

•  Grantmaking and Community Leadership, including standards related to broad and open grantmaking programs, due diligence, and responsiveness to changing community needs.

•  Donor Relations, encompassing guidelines for informing, educating and involving donors in responding to community needs.

•  Communications, including openness to public scrutiny and frequent communications about activities and finances.

In order to achieve Confirmation of Compliance with the National Standards, community foundations must undergo an extensive review of their organizational and financial policies and procedures. The review is performed by trained, experienced community foundation practitioners.

U.S. community foundations serve tens of thousands of donors and administer more than $31 billion in charitable funds. Of the nearly 700 community foundations in the United States, 500 have pledged to comply with the National Standards. The Council is currently reviewing community foundations' practices and confirming compliance with the National Standards.

Established in 1915, The Minneapolis Foundation is one of the nation's oldest and largest community foundations. It manages $600 million in assets, administers more than 800 charitable funds and distributes approximately $40 million in grants each year. As a center for philanthropy, the Foundation partners with a variety of communities and institutions and offers its expertise to individuals, businesses and other foundations to improve the quality of life in the region. For more information, visit www.MinneapolisFoundation.org .

The Council on Foundations is a Washington, DC-based nonprofit membership association of more than 2,000 grantmaking foundations and corporations. The Council provides the opportunity, leadership and tools needed by philanthropic organizations to expand, enhance and sustain their ability to advance the common good. For more information on the Council, visit its website at www.cof.org.

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