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.
Read more about Foundation (United States Law): History, Types
Famous quotes containing the words foundation and/or states:
“The foundation of empire is art & science. Remove them or degrade them, & the empire is no more. Empire follows art & not vice versa as Englishmen suppose.”
—William Blake (1757–1827)
“On September 16, 1985, when the Commerce Department announced that the United States had become a debtor nation, the American Empire died.”
—Gore Vidal (b. 1925)