Resource A: What Is a Foundation?
THERE ARE ESSENTIALLY two types of foundations: private and public. As defined by Foundation Center (http://foundationcenter.org/getstarted/tutorials/ft_tutorial/what.html), a private foundation
- Is a nongovernmental, nonprofit organization
- Has a principal fund or endowment
- Is managed by its own trustees and directors
- Maintains or aids charitable, educational, religious, or other activities serving the public good
- Makes grants, primarily to other nonprofit organizations
- Is required to file a 990-PF form with the IRS annually
The three private foundation types are (1) independent or family foundations, (2) corporate foundations, and (3) operating foundations.
1. The term family foundation does not have any legal ...
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