What is the difference between a PRIVATE Interest Foundation, and one that is formed in the PUBLIC Interest?
Public Foundations are used for public charities, for influencing legislation, and for providing for public benefits. For instance, Ford Foundation sponsors a lot of Public Broadcasting System (PBS) programming. Public Foundations are subject to a lot of government oversight and review, and their books are subject to inspection by certain government agencies. Public Foundations MUST be involved in works of public charity. The percentage of Public Foundation assets that can be used for paying benefits or hiring family members of the Founder is strictly limited by law. There are many government agencies that must give approval and licenses before the public foundation has a right to exist. Compared with a public foundation, a PRIVATE Foundation is very easy to open, and as the name suggests, is very private. A PIF is for the protection of the assets of private people and families. They can also be used for providing funding for public charities, but that is purely at the discretion of th
