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Overview

A foundation is a non-governmental, non-profit organization with its own funds (usually from a single source, either an individual, family or corporation) and program managed by its own trustees and directors established to maintain or aid educational, social, charitable, religious, or other activities serving the common welfare, primarily by making grants to other non-profit organizations. Foundations are categorized as independent foundations, company-sponsored foundations, community foundations, and grant-making operating foundations. Operating foundations sponsor research, social welfare or other programs as determined by their governing bodies or charters. Most award few or no grants to outside organizations and are not listed in the Foundation Directory. Community foundations derive their funds from many donors rather than a single source. These are usually classified under the tax laws as public charities, and are therefore subject to different rules and regulations than either independent or company-sponsored foundations.

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