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)
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“History is the present. That’s why every generation writes it anew. But what most people think of as history is its end product, myth.”
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“It’s not the sentiments of men which make history but their actions.”
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