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:
“I desire to speak somewhere without bounds; like a man in a waking moment, to men in their waking moments; for I am convinced that I cannot exaggerate enough even to lay the foundation of a true expression.”
—Henry David Thoreau (1817–1862)
“Not only [are] our states ... making peace with each other,... you and I, your Majesty, are making peace here, our own peace, the peace of soldiers and the peace of friends.”
—Yitzhak Rabin (b. 1922)