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:
“History does nothing; it does not possess immense riches, it does not fight battles. It is men, real, living, who do all this.... It is not “history” which uses men as a means of achieving—as if it were an individual person—its own ends. History is nothing but the activity of men in pursuit of their ends.”
—Karl Marx (1818–1883)
“Every library should try to be complete on something, if it were only the history of pinheads.”
—Oliver Wendell Holmes, Sr. (1809–1894)
“The custard is setting; meanwhile
I not only have my own history to worry about
But am forced to fret over insufficient details related to large
Unfinished concepts that can never bring themselves to the point
Of being, with or without my help, if any were forthcoming.”
—John Ashbery (b. 1927)