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:
“I believe my ardour for invention springs from his loins. I can’t say that the brassiere will ever take as great a place in history as the steamboat, but I did invent it.”
—Caresse Crosby (1892–1970)
“Psychology keeps trying to vindicate human nature. History keeps undermining the effort.”
—Mason Cooley (b. 1927)
“... in America ... children are instructed in the virtues of the system they live under, as though history had achieved a happy ending in American civics.”
—Mary McCarthy (1912–1989)