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:
“Bias, point of view, fury—are they ... so dangerous and must they be ironed out of history, the hills flattened and the contours leveled? The professors talk ... about passion and point of view in history as a Calvinist talks about sin in the bedroom.”
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