International fiduciary standards organization Investment Fiduciary Leadership Council announced today the launch of a new accreditation program for foundation executives – the Certified Foundation Fiduciary.
With the recent enactment of the Uniform Prudent Management of Institutional Funds Act, or a close version of it, by all 50 U.S. states and the District of Columbia, the foundation community is now governed by a set of new and more stringent regulations. In 2009, a task force was developed by IFLC to create a common standard of conduct for foundation leaders that would provide guidelines for adhering to UPMIFA and fiduciary best practices. The task force published Stewardship Guidelines for Endowments and Foundations (the “Fiduciary Standard”) in 2011.
Providing a Fiduciary Standard for foundation executives – including foundation board members, risk management professionals, C-suite leadership, and investment committees – was the first step toward aligning foundations with a consistent standard of stewardship practices. The foundation community still needed, however, to be equipped with the proper skills and knowledge to effectively enact those practices. Under its new program, IFLC offers the Certified Foundation Fiduciary Specialist (CFFS) designation in order to address this real market need.