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:
“I believe that in the history of art and of thought there has always been at every living moment of culture a “will to renewal.” This is not the prerogative of the last decade only. All history is nothing but a succession of “crises”Mof rupture, repudiation and resistance.... When there is no “crisis,” there is stagnation, petrification and death. All thought, all art is aggressive.”
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