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CHICAGO, February 19, 2025--(BUSINESS WIRE)--Northern Trust is partnering with Foundation Source, a leading provider of cloud-based charitable giving solutions, to help streamline the operational and grantmaking needs of private foundations. The collaboration enhances Northern Trust’s ability to serve private foundations through sophisticated investment and advisory services – all enabled by purpose-built technology.
Northern Trust is a longstanding, trusted partner for private foundations, helping them fulfill their missions with expert guidance and tailored solutions to navigate financial, regulatory and operational challenges. Northern Trust’s clients will now have access to Foundation Source’s best-in-class foundation management platform that includes tracking for minimum distribution requirements, streamlined grant processing and robust reporting, as well as configurable workflows to support the grant application process and impact measurement. The software will be complemented with technology-enabled professional services from Foundation Source that support due diligence on charities and foundation compliance with IRS regulations.
"Whether you are starting a private foundation or want to better manage your existing operations, our unique model can support all of your grantmaking needs and bring your charitable giving goals to life," said Darius A. Gill, National Practice Executive for Foundation & Institutional Advisors (FIA) at Northern Trust. "With the integration of Foundation Source’s platform, Northern Trust is reinforcing its legacy as a premier partner for private foundations – one that combines deep expertise with innovative solutions that can have a huge impact on clients as they grow."
"We are delighted to collaborate with Northern Trust to support their private foundation relationships with our enterprise technology and services. We are wholly focused on advancing digital transformation within the philanthropic space to deliver critical efficiencies and expertise that help drive social impact," said Joseph Mrak III, CEO of Foundation Source. "Philanthropy is an important dimension of holistic wealth management and the Northern Trust offering empowers advisors to work closely with clients to achieve better outcomes with their charitable capital."
The partnership with Foundation Source builds on other recent moves by Northern Trust to accelerate the growth of its Donor Advised Fund and Private Foundation Administration solutions. In October 2024, Srilatha Lakkaraju joined as Director of Charitable Giving Solutions within the FIA practice, which provides investment advice, asset servicing and related services to nonprofit organizations.