History
The Tax Reform Act of 1969 created private foundations and imposed greater restrictions upon this classification including excise taxes and lower donor deductions for contributions. This Act created supporting organizations as an exception to private foundations because they were organized, operated, and controlled in the public interest. Supporting organizations were not subject to the problems and abuses found in foundations that led to the creation and associated restrictions on private foundations.
Read more about this topic: Supporting Organization (charity)
Famous quotes containing the word history:
“We may pretend that we’re basically moral people who make mistakes, but the whole of history proves otherwise.”
—Terry Hands (b. 1941)
“America is the only nation in history which miraculously has gone directly from barbarism to degeneration without the usual interval of civilization.”
—Georges Clemenceau (1841–1929)
“If usually the “present age” is no very long time, still, at our pleasure, or in the service of some such unity of meaning as the history of civilization, or the study of geology, may suggest, we may conceive the present as extending over many centuries, or over a hundred thousand years.”
—Josiah Royce (1855–1916)