Facts on Charitable Foundations
Charitable foundations, also known as nonprofit charity organizations, are organizations that focus on helping others through direct monetary contributions, active participation and social involvement.
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Function
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Charitable foundations are often focused on raising money while working public awareness, education and law reform.
Features
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In order for a charitable organization to be legally recognized as a non-profit, it must meet certain criteria: a special tax exempt status, a public registry annotation and a proven position of public benefit.
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Famous Ties
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Charitable organizations founded by famous folks include the Bill & Melinda Gates Foundation, dedicated to education and global health, and the Ford Foundation, which works for the promotion of democracy.
Types
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There are two types of charitable foundations: private and community based, and while community foundations usually focus on general donors to keep up their status and help raise funds, private foundations are funded by a particular group or family.
Fun Fact
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According to the Guinness World Records, the Bill & Melinda Gates Foundation is the largest charity foundation in the world, with a total endowment of $38.7 billion.
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- Photo Credit Horton G.
