TPF Again Meets National Standards
The Philadelphia Foundation has once again met the nation's highest philanthropic standards for operational quality, integrity and accountability. This puts TPF in the top tier nationally according to the Community Foundations National Standards Board, a national accreditation organization based in Arlington, Va.
"This is similar to the Good Housekeeping Seal for community foundations," said Diane Miller, manager of the standards board. "It says that The Philadelphia Foundation has demonstrated its commitment to accountability, excellence and service."
To qualify, foundations are required to document their policies for donor services, investment management, grantmaking and administration, all of which are subject to a rigorous peer review. The program is designed to provide quality assurance to donors, as well as to their legal and financial advisors.
"When people make a charitable bequest, establish a fund or set up an annuity, they are putting their trust in us," noted R. Andrew Swinney, president of The Philadelphia Foundation. "They are counting on us to manage the investment wisely, honor their wishes and in some cases, through a planned gift, provide lifetime income to a loved one.
"The National Standards confirmation says our house is in order," he added. "It affirms our commitment to financial security, transparency and accountability. It says our grantmaking includes an open, competitive process designed to address the changing needs of our community. It also confirms our history of honoring donors' wishes."
TPF was founded in 1918, making it the fourth oldest community foundation in the U.S.