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:
“The principle that human nature, in its psychological aspects, is nothing more than a product of history and given social relations removes all barriers to coercion and manipulation by the powerful.”
—Noam Chomsky (b. 1928)
“Revolutions are the periods of history when individuals count most.”
—Norman Mailer (b. 1923)
“It is my conviction that women are the natural orators of the race.”
—Eliza Archard Connor, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 9, by Susan B. Anthony and Ida Husted Harper (1902)