Stewardship
We manage our resources wisely, adhering to both our legal responsibilities and the highest standards of ethical behavior, while respecting donor intent. We actively avoid excessive compensation and unreasonable or unnecessary expenses in order to maximize philanthropic purposes, not private gain.
Rationale
This principle captures the ultimate outcome if the principles and practices are fully instituted: wise stewardship. Philanthropic entities are mere stewards of the funds that they hold and are responsible to the broader community for how they expend those funds.
Illustrative Practice
Establish an audit committee to oversee accounting, financial reporting, compensation practices and the external audit of the foundation.