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:
“No cause is left but the most ancient of all, the one, in fact, that from the beginning of our history has determined the very existence of politics, the cause of freedom versus tyranny.”
—Hannah Arendt (1906–1975)
“I saw the Arab map.
It resembled a mare shuffling on,
dragging its history like saddlebags,
nearing its tomb and the pitch of hell.”
—Adonis [Ali Ahmed Said] (b. 1930)
“Only the history of free peoples is worth our attention; the history of men under a despotism is merely a collection of anecdotes.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)