 Chart of a foundation | |
| Type | Charitable organization |
|---|---|
A private foundation is a tax-exempt organization that does not rely on broad public support and generally claims to serve humanitarian purposes.[1][2][3]
Unlike a charitable foundation, a private foundation does not generally solicit funds from the public or have the legal requirements and reporting responsibilities of a registered non-profit or charitable foundation.[4] Not all foundations engage in philanthropy; some private foundations are used for estate planning purposes.
- ^ "private foundation". merriam-webster.com. Encyclopædia Britannica. Retrieved October 14, 2022.
- ^ "Private Foundations". irs.gov. United States Department of the Treasury. Retrieved October 14, 2022.
- ^ Kagen, Julia. "Private Foundation". Investopedia. Retrieved 2018-12-19.
- ^ "What Is a Foundation? Definitions, Types & Rules". Foundation Source. Retrieved 2021-04-30.