Foundation (charity)
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A Foundation is a kind of philanthropic organization, set up by either individuals or institutions as a legal entity (usually either a corporation or a trust) with the purpose of distributing grants to support causes in line with the goals of the foundation.
In civil law jurisdictions the foundation finds its source in institutions of medieval times when a patron would establish a foundation to endow a monastery or other religious institution in perpetuity. The foundation has a distinct patrimony independent of its founder and if it is not a moral person it is considered to be a social trust.
See also
Community foundations are a particular type of foundation. They are public charities established in communities throughout the world (there are about 700 in the U.S.) to support community efforts. The model is that individuals, families, businesses, and nonprofit groups establish funds at these foundations into which they contribute a variety of assets (cash and stock being among the most popular). These assets are invested and grow over time. While there are many different kinds of funds that can be established, among the most popular are donor-advised funds. These enable those who established them to contribute assets into the funds at any time, and then they can recommend that grants be made from the fund to qualified nonprofit groups in any amount and at any time in the future--anywhere in the world. Community foundations also work with people to help them implement charitable giving as part of their estate plans--e.g., through a bequest. For more information, go to www.cof.org (the Web site of the Council on Foundations).
External links
- The Foundation Center (http://www.foundationcenter.org), a Clearinghouse of Information on the approximately 25,000 U.S. Foundations