Foundation (United States Law)
A foundation in the United States is a type of charitable organization. However, the Internal Revenue Code distinguishes between private foundations (usually funded by an individual, family, or corporation) and public charities (community foundations and other nonprofit groups that raise money from the general public). Private foundations have more restrictions and fewer tax benefits than public charities like community foundations.
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Famous quotes containing the words foundation and/or states:
“The most excellent and divine counsel, the best and most profitable advertisement of all others, but the least practised, is to study and learn how to know ourselves. This is the foundation of wisdom and the highway to whatever is good.... God, Nature, the wise, the world, preach man, exhort him both by word and deed to the study of himself.”
—Pierre Charron (1541–1603)
“The Constitution of the United States is not a mere lawyers’ document. It is a vehicle of life, and its spirit is always the spirit of the age. Its prescriptions are clear and we know what they are ... but life is always your last and most authoritative critic.”
—Woodrow Wilson (1856–1924)