GHJ’s personalized approach empowers philanthropic organizations to navigate complex financial landscapes and achieve compliance.

HIGHLIGHTS:

  1. 10-year relationship built on mutual trust and through the provision of high-quality audit and tax services to multiple private foundations
  2. Enhanced operational efficiency through education on new accounting pronouncements and industry best practices for grantmaking
  3. Partnered with Whittier Trust to ensure compliance and to support Whittier Trust's mission of making a meaningful and lasting difference in all aspects of their clients’ wealth, family and legacy

BACKGROUND

Whittier Trust is a prominent player in wealth management and philanthropic services. Whittier Trust has managed the administration and investments of its clients’ private foundations since 1955. However, they do not handle nonprofit tax or audit work in-house. Therefore, Whittier Trust’s team values the partnership with a firm like GHJ with expertise in servicing private foundations to help their clients navigate the complexities of philanthropic accounting and tax compliance matters. 

Throughout this decade-long partnership, GHJ has demonstrated a deep understanding of the unique challenges faced by philanthropic organizations, particularly in the context of evolving regulations and compliance requirements. As a testament to this recognized value, in 2020, Whittier Trust expanded the size of its engagement with GHJ to include tax services for over a dozen private foundations in their portfolio to ensure accurate reporting and efficient operations.

GHJ’S APPROACH

GHJ embraced a collaborative and proactive approach to meet Whittier Trust's needs. By engaging closely with Whittier Trust’s team, GHJ was able to assess the specific requirements of each foundation and ensure each organization was both compliant and set up for success. Open communication and responsiveness were important to providing timely support and guidance, especially when navigating complex accounting standards and grantmaking practices.

GHJ provides ongoing guidance on complex tax topics, including unrelated business income tax issues, required foreign filings, public support projections, operating foundation regulations and tax planning around complex gifts to private foundations. This depth of expertise ensured Whittier Trust’s foundations were well-positioned to meet compliance requirements and optimize their philanthropic impact.

Furthermore, GHJ offers ongoing education on new accounting pronouncements, which helps Whittier Trust stay informed about new compliance requirements while focusing on their clients’ philanthropic missions. 

RESULTS

GHJ's comprehensive support yields significant positive outcomes for Whittier Trust:

  • Comprehensive Services: GHJ provides tax services for 13 private foundations on an annual basis and audit services as needed to ensure all compliance needs were met.
  • Strengthened Relationship: The collaborative nature of the relationship fostered a sense of trust and alignment and led to frequent consultations on various technical matters.
  • Greater Community Impact: GHJ and Whittier Trust regularly collaborate to create educational content that benefits the broader grantmaking community through articles, whitepapers and events. 

Pegine Grayson, Senior Vice President and Director of Whittier Trust’s Philanthropic Services, stated, “GHJ has been an invaluable partner in navigating the complexities of our clients’ audit and tax needs. Their expertise, proactive communication and commitment to understanding our goals have truly made a difference in our operations. We appreciate both their professionalism in always completing drafts well in advance of filing deadlines, so we have sufficient time for review, and our shared commitment to high-touch, professional client service. It brings us tremendous peace of mind to know that we can trust that our foundation clients are in good hands with GHJ.”

By fostering a strong partnership built on trust and expertise, GHJ continues to empower philanthropic organizations to achieve their goals while navigating the complexities of the financial landscape.