Description
One of the characteristics of the legal entities existing under the status of "Foundations", is a wide diversity of structures and purposes. Nevertheless, there are some common structural elements that are the first observed under legal scrutiny or classification.
- Legal requirements followed for establishment
- Purpose of the foundation
- Economic activity
- Supervision and management provisions
- Accountability and Auditing provisions
- Provisions for the amendment of the statutes or articles of incorporation
- Provisions for the dissolution of the entity
- Tax status of corporate and private donors
- Tax status of the foundation
Some of the above must be, in most jurisdictions, expressed in the document of establishment. Others may be provided by the supervising authority at each particular jurisdiction.
Read more about this topic: Foundation (non-profit)
Famous quotes containing the word description:
“God damnit, why must all those journalists be such sticklers for detail? Why, they’d hold you to an accurate description of the first time you ever made love, expecting you to remember the color of the room and the shape of the windows.”
—Lyndon Baines Johnson (1908–1973)
“An intentional object is given by a word or a phrase which gives a description under which.”
—Gertrude Elizabeth Margaret Anscombe (b. 1919)
“Once a child has demonstrated his capacity for independent functioning in any area, his lapses into dependent behavior, even though temporary, make the mother feel that she is being taken advantage of....What only yesterday was a description of the child’s stage in life has become an indictment, a judgment.”
—Elaine Heffner (20th century)