A foundation manager means: An officer, director or trustee of a foundation (or an individual having powers or responsibilities similar to those of officers, directors or trustees of the foundation), or For any act or failure to act, any employee of the foundation having final authority or responsibility (either officially or effectively) for the act or failure to act. A person who is specifically designated as an officer under the incorporation certificate, bylaws or other documents of the foundation, or who regularly exercises general authority to make administrative and policy decisions for a foundation is considered an officer of the foundation. For any act or failure to act, any foundation employee who has authority merely to recommend particular administrative or policy decisions, but not to implement them without approval of a superior, is not an officer. Independent contractors, such as accountants, lawyers and investment managers or advisors, acting in their capacity as such, are not considered officers of the foundation. Return to Life cycle of a private foundation
