How long does a foundation remain in existence?
A foundation can exist in perpetuity, overseen for many generations by a board of directors or trustees. The board can also choose to dissolve a foundation at a certain time, for example, at an event such as the death of the last original member. If the foundation is dissolved, all assets that remain after satisfying liabilities must be distributed for charitable purposes within the meaning of section 501(c)(3) of the Internal Revenue Code or to a governmental body for a public purpose. Foundation dissolution may also require court approval for either corporate or trust forms.
