LegacyWorks Group Affiliation
Nonprofit leaders in recent years are increasingly recognizing that forming strategic partnerships and “hybrid” relationships with private-sector businesses can offer valuable opportunities for furthering charitable missions. Legacy Philanthropy Works is teaming up with a for-profit social enterprise, Legacy Investment Works, in order to achieve greater social impact.
Working collaboratively under the umbrella identity of LegacyWorks Group, we believe that our affiliate relationship provides a broader range of options for accomplishing our conservation-oriented community goals, for the greater good of society.
Although Legacy Philanthropy Works coordinates its efforts with Legacy Investment Works to achieve socially beneficial objectives as its strategic partner, it should be emphasized that, under our affiliation, we retain our separate, distinct, and independently governed existence as a nonprofit entity. As the nonprofit affiliate under the Legacy Works Group umbrella, we undertake charitable projects that are funded through philanthropic grants, donations, and revenue earned from consulting and project management services provided to philanthropic and nonprofit clients. Legacy Investment Works, as the for-profit affiliate, develops and implements impact investment strategies through projects funded by impact-minded private investors and foundations.
Mindful of Legacy Philanthropy Works’ obligations as a tax exempt charitable organization, we have formally structured the affiliate relationship in a manner that (1) ensures we operate solely in furtherance of our charitable purposes, (2) maintains our independence and control over all of our operations and decision-making, and (3) safeguards the organization from conflicts of interest, private benefit and inurement. In the interest of transparency, we note that the owner of Legacy Investment Works, Carl Palmer, holds a seat on Legacy Philanthropy Works’ board of directors and serves as its President. However, we have a commitment to ensuring that the organization’s overall governance and control reside solely in a diverse, independent board of directors of qualified professionals.
Legacy Philanthropy Works’ affiliate relationship with Legacy Investment Works in no way limits our ability to affiliate or work with third parties; we remain free to engage the services of third parties at any time. Further, our affiliate relationship puts us under no obligation to provide project or client referrals to Legacy Investment Works. Legacy Philanthropy Works maintains the ability to terminate the affiliation at any time.