For years private foundations have gained prominence in the media, and raised public awareness of their causes. Every private foundation must have a charitable “intent” which is managed by an appointed trustee or executive director (which can be you) that oversees the foundation's investments and distributes the foundation's assets.
Beyond the joy of philanthropy itself, Grantors often realize, establishing your own foundation can often make smart money sense, as well.
A Private Foundation meets four basic criteria:
- A private foundation is a charitable organization (trust or nonprofit corporation that has obtained 501(c)3 tax-exempt status) organized and operated exclusively for religious, charitable, scientific, literary or educational purposes or for the pre...