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What is the difference between a public and private foundation?

April 26, 2017difference foundation private public

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What is the difference between a public and private foundation?

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Per Internal Revenue Service Code 501(c)(3), public foundations are tax-exempt organizations that receive donations from the general population and make grants to varying causes. Private foundations have a principal fund that is managed by its own trustees, have a single funding source, do not solicit donations from the public and make grants to other nonprofit organizations. Your foundation will be public.