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:
“American time has stretched around the world. It has become the dominant tempo of modern history, especially of the history of Europe.”
—Harold Rosenberg (1906–1978)
“As History stands, it is a sort of Chinese Play, without end and without lesson.”
—Henry Brooks Adams (1838–1918)
“Classes struggle, some classes triumph, others are eliminated. Such is history; such is the history of civilization for thousands of years.”
—Mao Zedong (1893–1976)