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What is the difference between a community foundation and other types of foundations?

April 26, 2017difference foundation Foundations types

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What is the difference between a community foundation and other types of foundations?

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Community foundations differ from private foundations (family foundations) in that they are supported from a broad group of individuals, families and corporations versus single individuals, families or businesses. (Think Bill & Melinda Gates Foundation). Also, private foundations are usually endowed with very large sums of money – in the millions. Because community foundations are classified by the IRS as a publicly-supported charities (donations from a large group of supporters), they receive tax benefits not enjoyed by other types of foundations.