A foundation manager's actions are due to reasonable cause if he or she has exercised responsibility on behalf of the foundation with ordinary business care and prudence. Advice of counsel. A manager's action will be considered due to reasonable cause if the manager relies on advice of counsel expressed in a reasoned written legal opinion. In addition, a foundation manager may rely on the advice of a qualified investment counselor, given in writing in accordance with generally accepted practices, that a particular investment will provide for the long and short-term financial needs of the foundation. Return to Life cycle of a private foundation
