Business

Common Mistakes to Avoid When Creating a Private Foundation

Published

6 months ago

July 25, 2024

Creating a private foundation is an exciting opportunity. It gives you the chance to make a real difference in causes you care about. Maybe you want to help improve education, protect the environment, or support the arts. Whatever your passion is, a foundation lets you put your resources behind it in a meaningful way.

But it’s more complex than it seems. A foundation is a serious commitment that comes with many responsibilities. Mistakes will be made along the way, but with our help, you can get ahead of them.

In the following sections, we’ll dive deeper into specific mistakes to watch out for and how to avoid them. This knowledge will help you make informed decisions as you embark on your philanthropic journey.

Table of Contents

8 Mistakes to Avoid When Starting a Private Foundation

Mistake 1: Not Taking Enough Time to Plan

When you have a great idea to help others, it can be tempting to jump right in and start your foundation. Do not do this. Give it time, at least six months to a year – to really think things through. During this time, you can learn about what running a foundation involves and what you’d like your foundation to do. You can talk with people who’ve done it before and start planning how you’ll fund your work.

It’s better to start your foundation on the right foot than to rush and make mistakes. Your goal is to help others, and good planning will help you do that more effectively.

Mistake 2: Ignoring Legal and Tax Implications

There are actually quite a few laws you need to comply with. A big one that surprises many people is that foundations have to give away a certain amount of money each year. The government says you need to donate at least 5% of your foundation’s assets every year to charity. So, if your foundation has $100,000, you’d need to give away at least $5,000 to good causes annually.

There are other laws, too, like paying taxes on money your foundation earns from investments. It’s best to talk to a lawyer who is experienced in foundations, as they can discuss these matters with you and make sure you’re operating legally.

Mistake 3: Poor Delegation of Responsibilities

Many new foundations don’t consider how their organization will be run and who will be involved in certain responsibilities, such as managing finances, handling day-to-day administrative tasks, handling meetings, making grants, etc.

You need to figure this out from the start to avoid problems. People might get confused about what they’re supposed to do. Or there might be arguments because everyone thinks they should be making the decisions.

So, before you launch your foundation, sit down and map out the responsibilities of each person who will be a part of it.

Mistake 4: Financial Mismanagement

Running a foundation isn’t as simple as just giving away money to good causes. There’s a lot more that goes into it behind the scenes. First, there are administrative fees. These cover things like office supplies, computers, and other basic expenses to keep the foundation running day-to-day. Then, there are legal fees to pay lawyers as they help make sure everything is done correctly in terms of legal compliance.

You also have to think about investment management costs. Foundations usually have a lot of money, and they need experts to help them invest it wisely so it can grow and support more charitable work in the future. And, of course, you need to pay the people who work for the foundation. Just like any organization, a foundation needs staff to handle all the different tasks involved in running it.

It’s important to be realistic about how much everything will cost. Here’s the tricky part: every dollar you spend on running the foundation is a dollar that can’t go directly to the charitable causes you want to help. So you want to be careful not to spend too much on operations.

But you don’t want to be too cheap, either. If you don’t spend enough for the foundation, you might not be able to manage it well, which could actually hurt your ability to help people in the long run.

It’s a balancing act, and that’s why it’s a good idea to get help from a financial advisor. They can look at your specific situation and help you figure out the best way to use your money.

Mistake 5: Lack of Transparency and Accountability

Record-keeping is super important, but it’s something people often don’t think about when they start a foundation. You need to keep track of everything your foundation does, including grants given out, board meetings, and investments.

There are two reasons why you need to do this. First, it’s required by law. Your records are a way to demonstrate your compliance with the law. Second, these records also help you see how well your foundation is doing over time and the kind of impact you’re making.

Foundations also have to file tax returns every year, just like people do. But foundation taxes can be complicated. That’s why it’s a good idea to work with someone who knows a lot about taxes, especially foundation taxes. A tax preparation expert can help you fill out your tax forms correctly, follow all tax regulations, and prepare any other reports that you might need to file.

Mistake 6: Underestimating the Time Commitment

Founders, especially those who are still actively involved in their careers or other pursuits, often assume they can run the foundation in their spare time. However, a foundation demands a lot of time and effort. You need to give time for board meetings, reviewing grant applications, conducting site visits, managing investments, ensuring compliance with regulations, and strategic planning.

If you try to do it all in your “spare time,” you might find that either your foundation suffers, or your other commitments do – or maybe both. So what can you do? First, be honest with yourself about how much time you can realistically dedicate to the foundation. If it’s not enough to handle everything, you have some options:

You can delegate some tasks by giving more responsibilities to other board members or trustees. Hiring staff is another good solution. Even one or two dedicated employees can make a big difference in managing the day-to-day operations.

You might also need to adjust your other commitments. This could mean cutting back on work hours, stepping back from other volunteer roles, or finding ways to free up more of your time.

It’s okay if you can’t do it all yourself. Many successful foundations have a team of people working together. The important thing is to recognize the level of commitment required and make a plan that allows your foundation to get the attention it needs to thrive and make a real difference.

Closing Thoughts

Philanthropy is a journey. It’s not about how big you start but the impact you make over time. Many of the most effective foundations have grown slowly and steadily, learning and improving along the way.

So don’t feel like you need to do everything at once. Start with what you can manage well, and focus on doing that really effectively. The goal is to make a positive difference. By starting small and growing thoughtfully, you’re setting yourself up to do just that, not just now but for years to come.

Business

Everything You Need to Know About EA FC 25 Coins

Published

3 days ago

February 1, 2025

Prime Star

EA FC 25: What You Need to Know

EA FC 25 represents a major shift in the EA Sports franchise, marking the end of its partnership with FIFA and the start of a new chapter under the EA Sports FC brand. This change brings new features and improvements to enhance the gameplay experience.

Key Features and Changes

New Branding: EA FC 25 moves away from the FIFA name, allowing EA to innovate and create a more personalized football experience.
Improved Gameplay: With HyperMotion V technology, the game offers more realistic player movement and animations.
Enhanced Customization: Players can enjoy greater customization options for teams, kits, and player styles.
New Game Modes: EA FC 25 introduces exciting additions to Ultimate Team and career modes, offering more depth and progression.
Real-World Partnerships: The game continues to feature global leagues and teams, along with new collaborations at the grassroots level.
Coins and Digital Strategy: EA FC 25 enhances in-game purchases, including the option to buy coins on platforms like BuyMMOG, offering players more ways to enhance their experience.

Release Date and Platforms: When and Where to Play EA FC 25

EA FC 25 will be officially released on September 29, 2025, with early access starting a few days prior for players who pre-order special editions.

Supported Platforms:

EA FC 25 will be available on a wide range of platforms, ensuring players on different systems can enjoy the game:

PlayStation 5 (PS5)
PlayStation 4 (PS4)
Xbox Series X|S
Xbox One
PC (via EA App, Steam, and Epic Games Store)
Nintendo Switch (though with some feature limitations compared to next-gen versions)

The game is also expected to support cross-platform play, allowing players on different systems to compete against each other, making it easier to connect with friends regardless of their platform choice.

EA FC 25 Pricing and Pre-Order Bonuses

Pricing Breakdown:

EA FC 25 will be available in several editions, each offering different features at varying price points:

Standard Edition: Priced around $59.99 USD for the base game on PS4 and Xbox One, and $69.99 USD for PS5, Xbox Series X|S, and PC.
Ultimate Edition: Priced at $99.99 USD, this edition includes early access, exclusive in-game content, and additional bonuses such as rare player cards for Ultimate Team and exclusive kits.

Pre-Order Bonuses:

Players who pre-order any edition of EA FC 25 can expect the following exclusive bonuses:

Early Access: Play the game up to 3 days before the official release date.
Bonus In-Game Content: Pre-ordering the Ultimate Edition grants extra player packs, exclusive kits, and a special stadium item for Ultimate Team.
FIFA Legends: For those who pre-order the Ultimate Edition, exclusive access to iconic football legends in Ultimate Team mode.

Purchasing on BuyMMOG:

For those looking to purchase EA FC 25 or EA FC 25 coins, BuyMMOG is a reliable platform offering the game and its in-game currency. Buying EA FC 25 coins through BuyMMOG may offer discounts or bundle deals, making it a great option for players who want to boost their game experience with extra coins to use in Ultimate Team or other in-game purchases.

What’s New in EA FC 25: Exciting Features and Changes

EA FC 25 introduces several key upgrades that set it apart from previous entries in the franchise, enhancing gameplay and adding fresh content.

HyperMotion V Technology

With improved player movement and animations, HyperMotion V makes gameplay more fluid and realistic, enhancing dribbling, ball control, and overall match dynamics.

Smarter AI and Tactics

The revamped AI offers smarter teammates and opponents, allowing for more strategic control over your team’s playstyle, whether on offense or defense.

New Game Modes

Football Creator: Create custom teams with personalized kits and logos.
Ultimate Team Enhancements: Dynamic player items and deeper progression systems.
Live Match Events: Participate in real-time events based on ongoing football seasons.

Expanded Customization

Customize stadiums and matchday experiences, from crowd sounds to atmospheres, for a fully personalized experience.

Enhanced Career Mode

Career Mode now includes better player progression, contract negotiations, and deeper interactions, making it more immersive.

Cross-Platform Play

EA FC 25 supports cross-platform play, allowing players from different consoles and PCs to compete together in online matches.

With these new features, EA FC 25 offers a fresh, exciting experience for both new and returning players.

EA FC 25 on EA Play and Game Pass: How to Access the Game

EA Play and Game Pass Access

EA Play: EA FC 25 will be available on EA Play from launch, with a 10-hour trial for members to try before the full release.
Xbox Game Pass: EA FC 25 will be included for Game Pass Ultimate subscribers on both Xbox and PC, offering full access.

Subscription Impact on Cost

Both EA Play and Game Pass allow players to access the game as part of their subscription, reducing the upfront cost. EA Play offers access on console and PC, while Game Pass includes cross-platform play for Ultimate members. These services offer flexibility and a cost-effective way to enjoy EA FC 25.

EA FC 25 Coins: What They Are and How to Use Them

EA FC 25 coins are the in-game currency used primarily in Ultimate Team mode to buy player packs, upgrade teams, and acquire other items. Players can earn coins through match rewards, daily/weekly challenges, and completing Squad Building Challenges (SBCs). Coins can also be purchased through platforms like BuyMMOG, allowing for quicker team progression. To manage them effectively, it’s wise to save for high-value player packs, be strategic with purchases, and use SBCs to get the best return on investment. Understanding how to earn and spend coins will help you build a stronger team faster.

Business

The Importance of Pre-employment Assessments in Hiring

Published

6 days ago

January 29, 2025

Prime Star

Hiring the right candidate for a job is a crucial decision that can significantly impact an organization’s productivity and overall success. While resumes and interviews are traditional methods for evaluating candidates, they often fail to provide a comprehensive understanding of an applicant’s abilities, personality, and potential for success within the company. This is where pre-employment assessments come in, offering a more effective way to assess a candidate’s qualifications and suitability for a role.

Table of Contents

What is a Pre-employment Assessment?

A pre-employment assessment is a test or series of tests administered to candidates before they are hired, designed to evaluate specific skills, cognitive abilities, personality traits, and behavioral tendencies that are important for success in the position. These assessments can be tailored to various job roles and industries, ensuring that the right qualities are measured for the specific needs of the company.

Why Are Pre-employment Assessments Important?

Objective Evaluation: Pre-employment assessments provide an objective, data-driven evaluation of a candidate’s abilities, reducing the influence of unconscious bias during the hiring process. By using standardized tests, hiring managers can make more informed decisions based on facts rather than subjective opinions.
Improve Hiring Accuracy: With the help of pre-employment assessments, companies can make more accurate predictions about a candidate’s success in a particular role. These assessments give insights into a candidate’s problem-solving abilities, communication skills, technical expertise, and cultural fit. This level of insight is difficult to gain from an interview alone.
Increase Efficiency in the Hiring Process: Pre-employment assessments streamline the hiring process by helping companies narrow down the pool of applicants. Instead of spending time and resources on unqualified candidates, hiring managers can focus on those who have demonstrated the necessary skills and competencies through the assessment.
Enhanced Candidate Experience: Pre-employment assessments can also improve the candidate experience by providing a clear and transparent evaluation process. Candidates appreciate when they are assessed fairly based on their qualifications rather than relying on gut feelings or subjective judgments.
Reduction in Employee Turnover: By accurately assessing whether a candidate is the right fit for the role and the organization, companies can reduce the risk of hiring individuals who may not align with the company’s values or performance expectations. This, in turn, leads to lower employee turnover, as employees who are well-suited for the job are more likely to stay long-term.

Types of Pre-employment Assessments

There are several types of pre-employment assessments that companies may use, depending on the position and the skills required. Some of the most common types include:

Cognitive Ability Tests: These tests measure a candidate’s problem-solving, logical reasoning, and critical thinking skills. They are particularly useful for roles that require analytical thinking and decision-making.
Personality Assessments: These tests evaluate an individual’s personality traits, such as their level of extroversion, agreeableness, or emotional stability. Personality assessments are valuable in determining if a candidate’s behavioral tendencies will align with the company culture.
Skills Assessments: These assessments measure a candidate’s proficiency in specific skills required for the job, such as coding for technical roles or writing for communications positions.
Behavioral Assessments: These assessments focus on understanding how candidates are likely to behave in different work scenarios, providing insight into how they might approach challenges or interact with colleagues.

How to Use Pre-employment Assessments Effectively

To maximize the benefits of pre-employment assessments, it is essential to use them strategically:

Tailor Assessments to the Role: Select or design assessments that align with the specific skills and traits required for the job. For example, a sales position might benefit from a personality assessment to evaluate persuasive abilities, while a software developer role would require technical skills testing.
Use a Combination of Assessments: Using a mix of cognitive, personality, and skills assessments can provide a well-rounded view of a candidate’s qualifications. This approach helps avoid overreliance on any single type of test.
Communicate the Purpose to Candidates: Be transparent about why assessments are being used and how they will benefit the hiring process. This will help candidates approach the assessments with a clearer understanding of their importance.
Integrate Assessments with Other Hiring Tools: Combine pre-employment assessments with interviews, reference checks, and background screenings to build a comprehensive view of the candidate’s qualifications.

Conclusion

Pre-employment assessments have become a valuable tool in modern hiring practices. They help employers make more informed, unbiased decisions, improve the efficiency of the hiring process, and ultimately lead to better employee retention and performance. If you’re looking to enhance your recruitment strategy, consider implementing pre-employment assessments to ensure you’re hiring the best candidates for your organization’s needs.

Business

Why Magento Is the Perfect eCommerce Platform in 2025

Published

2 weeks ago

January 20, 2025

Admin

It’s hard to believe that Magento, the popular eCommerce platform, is closing in on its twentieth anniversary. In tech terms, that makes it an elder statesman of Silicon Valley. But despite the program’s longevity, it remains not just one of the most widely used but also one of the most nimble and adaptable eCommerce platforms on the market. In fact, Magento is the perfect eCommerce platform for 2025.

Magento was founded in 2007 and went on the market in 2008. Over the last 17 years, Magento has grown into a powerhouse platform, commanding a market share of more than 2% of all global eCommerce sites. More than 150,000 stores run on Magento’s platform.

In this article, we’ll take a look at some of the reasons you should consider Magento for your project and the reasons why Magento is best-suited to meet the needs of today’s eCommerce.

Table of Contents

Flexible and Customizable

First and foremost, Magento’s open-source nature makes it one of the most flexible and customizable eCommerce platforms. This means that when you use Magento, you are in complete control of your online store. Nearly every part of the platform can be customized, allowing you to develop eCommerce solutions that are optimized for your business and its unique needs. Additionally, you can add to the performance of Magento with third-party add-ons and extensions that give you additional flexibility to transform Magento into your exact vision of the ideal eCommerce platform. Magento supports a large marketplace of third-party extensions, add-ons, and themes, giving you a nearly unlimited range of options.

Scalability

Magento really shines when it comes to scalability, meaning that it’s the perfect platform to grow along with your business. Many businesses select an eCommerce platform that is right for the size of the company they are today but don’t always consider what their needs might be tomorrow or the next day. If your company is growing—and we all want our businesses to grow—it only makes sense to choose a platform that can expand seamlessly. And if you move into international markets, Magento’s multi-store functionality can allow you to manage stores in multiple countries, languages, and currencies from a single administrative panel.

Robust Security

Cybersecurity is at the top of mind for any eCommerce site, especially with the growing threats of hacking, phishing, and spoofing. Customers want to feel secure that the data they provide to your store is safe and that their orders are private. Magento’s robust security features can help you to provide your customers with both security and peace of mind. Magento receives regular security patches and updates to guard against the latest threats. This will help to keep your store safe whenever a new cyber threat rears its head. Additionally, Magento provides tools to help businesses achieve PCI-DSS compliance for secure payments, so your customers can purchase with confidence and know their financial details will be safe.

Integrated SEO and Marketing Tools

Magento features an array of integrated tools to help you market your store to potential customers, whether you are working with Magento on your own or have a developer you hired from a Magento agency. Search Engine Optimization (SEO) remains the gold standard for online marketing, despite the decline in search engine use, and Magento can help you to manage your SEO strategies easily with customizable URLs, meta tags, sitemaps, and the ability to create SEO-friendly product pages. When you make use of these tools, you can boost your site’s search engine rankings, helping to drive traffic to your eCommerce store. Beyond this, Magneto’s integrated tools allow you to run promotions and discounts easily, so you can attract customers. Magento also makes it easy to create dynamic content personalization so you can tailor your site experience to your customers’ needs and their shopping histories.

Mobile Optimization

When we talk about SEO, you’re probably thinking about viewing your site on a laptop or desktop device. But we all know that this isn’t how most people shop online anymore. According to recent statistics, between 2018 and 2023, the share of eCommerce conducted on a mobile device rose from 43% in 2018 to more than half of all eCommerce in 2023 and is expected to account for nearly two-thirds of all eCommerce by 2028. Magento helps you to stay ahead of this growing segment of the eCommerce market with mobile optimization and responsive design, allowing your users to have a seamless experience whether they are shopping with you on a laptop, a tablet, or a phone.