General
A private foundation, in the United States, is a charitable organization described in the Internal Revenue Code by section 509[1]. A private foundation is necessarily a 501(c)(3) exempt organization (or a former such entity). It is defined by a negative definition: by what it is not. A private foundation is not a public charity, as described in section 170(b)(1)(A) (i) through (vi). Neither is it a section 509(a)(2) organization, nor a supporting organization. [2] Private foundations are subject to 2% excise taxes found in section 4940 through 4945 of the internal revenue code. [3] Once a charity becomes a private foundation, it retains that status unless it follows the difficult termination rules of section 507. http://en.wikipedia.org/wiki/Private_foundation_(United_States)
Findings
Legal Framework
Private foundations must adhere to a legal framework to ensure that they serve a charitable purpose and are not abused by managers or ...- Beatty, Sally, Families Wrestle With Closing Foundations, Wall Street Journal, April 27,2007. http://online.wsj.com/article/SB117677618145972189.html
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- IRS webpage, which defines private foundations.
- IRS webpage index on private foundations
- The Association of Small Foundations, resources for starting a
Resources
Where to start
Of all the People & Organizations involved with Private Foundations, who knows most? What are the best contacts for people just starting out on this topic?
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People & Organizations
Here are all the People & Organizations working on Private Foundations:
click here to add your organization (don't forget to indicate that they focus on Private Foundations)
Supporting Foundations and Affinity Groups
click here to add your foundation or affinity group (don't forget to indicate that they focus on Private Foundations)
Other
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