private foundation

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private foundation

A private foundation awards a grant to a local food bank.

Definition
  1. Noun:
    • A type of charitable organization: A private foundation is a specific legal classification for a charity. Its key defining feature is that it does not receive a significant portion of its financial support from the general public or from government grants. Instead, it is typically funded and controlled by a single individual, a family, or a corporation.
Usage
  • A private foundation is established to manage and distribute charitable funds for specific philanthropic purposes, such as education, science, or the arts.
  • It is governed by its own board of directors or trustees and must comply with specific tax regulations distinct from those for public charities.
Examples
  • Noun:
    • The family established a private foundation to fund medical research.
    • Unlike a community charity, a private foundation receives its primary funding from a single endowment provided by its founder.
Advanced Usage
  • "To be classified as a private foundation": Refers to the legal and tax status determined by a government revenue service.
    • The organization had to ensure its funding structure met the criteria to be classified as a private foundation.
Variants and Related Words
  • Private operating foundation (n): A specific subtype of private foundation that primarily runs its own charitable programs rather than making grants to other organizations.
  • Public charity (n): A contrasting type of charitable organization that receives a substantial part of its financial support from the general public or government.
Synonyms
  • Grant-making foundation: Emphasizes its primary activity of awarding funds.
  • Independent foundation: Highlights its control by an individual or family rather than public oversight.
Related Phrases
  • Foundation assets: The financial resources and investments owned by the private foundation.
  • Distribute grants: The primary action of a private foundation, meaning to give funds to other charitable organizations or causes.
private foundation

A private foundation awards a grant to a local food bank.

Noun
  1. a charity that does not receive a major part of its support from the public