Private Foundation
From PhilanthropyWiki
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Private Foundation Definition
A private foundation is a descriptive term generally used to refer to a non-governmental, nonprofit organisation established by an individual or group of individuals, which is governed by a trustee or board of trustees and which makes grants for the public benefit.
Generally a private foundation will have a corpus of funds which is invested, and the income is given out in the form of grants. Some private foundations are limited to making grants to particular organisations, or to particular geographic areas. A private foundation must be guided by the will or trust deed, which is the legal document by which the foundation came into being.
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