What Are the Major Types of Foundations?
The IRS classifies foundations either as: private foundations, which receive the bulk of their support from a single donor or a few donors, or as public grantmaking charities, which receive a significant portion of their support from the general public. Private foundations include the following: • Family foundations are usually founded by an individual or a family and are generally operated by members of that family. Examples include: The Paul G. Allen Charitable Foundation, The Annenberg Foundation, the Bill and Melinda Gates Foundation and the Walton Family Foundation, Inc.). • Corporate foundations are created and funded by companies as separate legal entities, but (are) operated by a board of directors composed of company officials. Some corporate foundations are endowed, but most receive an annual contribution from their supporting company for the purpose of making grants. Some companies form corporate contribution offices, which, unlike corporate foundations, are under the full c
