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:
“The foregoing generations beheld God and nature face to face; we, through their eyes. Why should not we also enjoy an original relation to the universe? Why should not we have a poetry and philosophy of insight and not of tradition, and a religion by revelation to us, and not the history of theirs?”
—Ralph Waldo Emerson (1803–1882)
“You treat world history as a mathematician does mathematics, in which nothing but laws and formulas exist, no reality, no good and evil, no time, no yesterday, no tomorrow, nothing but an eternal, shallow, mathematical present.”
—Hermann Hesse (1877–1962)
“The history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)