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www.privateairny.com Private Air | Spring 2021 34 that is payable in installments (e.g., one-third due upon signing an engagement agreement, one-third halfway through the project based on certain deliverables or timeline, and one-third upon completion of the project). An advisor might also establish a set fee plus an additional charge - as per the hourly rate - for work that goes beyond the scope of the agreement. Particularly in more complex cases, consultants build in this provision to account for extra facilitations and research. Additional charges are also applied monthly or upon completion of the engagement for travel-related expenses, printing costs, and other administrative items. Questions to Ask When interviewing a prospective candidate, it is important to ask questions that address not only their specific experience, but also the best fit for your organization overall. 1. Have you worked with an organization like ours before? is question includes but also goes beyond foundation size, board composition, and subject matter. Philanthropy is a highly personalized undertaking, and you want an advisor that instills trust; one who listens, understands, and adapts to the changing needs and varying opinions among stakeholders and integrates well with your learning process (vs. dictating theirs). Although all foundations are unique, a consultant with enough experience across the field will be well-versed in addressing the complexities and nuances of your organization. 2. Have you done a project like this one before? For optimal results, find a candidate who has a depth and breadth of experience with projects and/or organizations similar to yours, a respected track record of successful outcomes, and a working style that fits well with your organization's structure and resources. 3. How many other clients and projects will you be handling while you are working with us? Often juggling several projects and clients at the same time, the right advisor is an expert at time management. However, you'll want to make sure your candidate is not over-extended and has the time both to meet deadlines and be responsive to your needs. 4. How much foundation board and staff time will it take to support your work? Working with an advisor often requires additional staff time to gather data; communicate with other staff members, board of directors and grantees; and implement changes. An advisor may need to interview key stakeholders and facilitate meetings. Knowing what is required beforehand will ensure that expectations of resources will be well managed. A critical determinant in selecting the best fit is learning from the experiences of others who have worked with this advisor. Ask your candidates to provide the contact information of at least two references. When you call them, ask questions that provide insight beyond what you learned in the candidate's interview. Were they pleased with the process and outcomes in working with this advisor? Was work completed on time? What challenges, if any, arose during the process, and how they were resolved? After you have selected your advisor, enter into a signed engagement agreement before starting your work together. is agreement should define the scope of work, timeline, outcomes, fees, and any contingencies or liability issues. With this level of planning throughout the search and engagement process, you are best positioned for a positive experience with your new advisor. Your relationship is built on solid understandings and expectations, and has the potential to grow into a richer sense of purpose and trust over time as you address your organization's philanthropic activities and challenges together. Robyn Hullihan and Elizabeth Wong are senior philanthropic directors at Foundation Source, the nation's largest provider of support services to private foundations. The firm works in partnership with financial and legal advisors as well as directly with individuals and families. About Foundation Source (www.foundationsource.com) Foundation Source is the nation's largest provider of comprehensive support services for private foundations. Our complete outsourced solution includes foundation creation (as needed), administrative support, active compliance monitoring, philanthropic advisory, tax and legal expertise, and online foundation management tools. Now in our third decade, Foundation Source provides its services to nearly 2,000 family, corporate, and professionally staffed foundations, of all sizes, nationwide. We work in partnership with wealth management firms, law firms, accounting firms, and family offices as well as directly with individuals and families. Foundation Source is headquartered in Fairfield, Connecticut. ©2021 Foundation Source Philanthropic Services, Inc. All rights reserved. PHILANTHROPY

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