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A private foundation is a nongovernmental, nonprofit organization with funds (usually from a
single source, such as an individual, family or corporation) and programs managed by its own trustees or directors, established to maintain or aid
social, educational, religious or other charitable activities serving the common welfare, primarily through grantmaking. U.S.
private foundations are tax-exempt under Section 501(c)(3) of the Internal Revenue Code and are classified by the IRS as a
private foundation as defined in the code.
Both Family Foundations and
Independent Foundations are
private foundations that are funded by only one of a few donors
such as members of a single family or a corporation. To be
considered a family foundation, at least one family member
must continue to serve as an officer or board member of the
foundation; therefore, playing a significant role in governing
and/or managing the foundation throughout its life. Alternatively,
independent foundations are no longer governed by members
of the original donor's family but are run by boards made
up of community, business and academic leaders or trustees
appointed by the donors.
Resources for Private Foundations
Frequently Asked Questions
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Partial text reprinted with permission from the Forum of Regional Associations of Grantmakers.
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