The Arthur M. Blank Family Foundation in Atlanta made a big move earlier this year when it added four new non-family members to its board of directors.
For many family foundations, the decision to add members from outside of the family to its board is an important one — and it may raise a number of challenging questions about the long-term role of the family in the governance and grantmaking decisions of the philanthropy.
For the Blank Foundation, the timing just seemed right, says Penelope McPhee, the foundation’s president.
The foundation was founded in 1995 by Home Depot co-founder Arthur Blank — who still serves as the foundation’s chairman. As part of his estate planning, Blank, 73, worked with a team of experts to restructure the governance of the foundation — a process that led to the decision to add the four non-family members to the board.
The National Center for Family Philanthropy recently spoke with McPhee to learn more about how The Arthur M. Blank Family Foundation approached this important decision and to hear her advice to other foundations that are facing similar decisions.
Read the full article about non-family board members by NCFP.