Private foundation

From Wikipedia, the free encyclopedia

Private foundations are entities founded by private individuals alone or in private association. Diverse countries allow and recognize these types of foundations under diverse regulations and laws.

1 Common law
2 Civil Law
- 2.1 Sweden
3 See also
4 References

[edit] Common law

[edit] USA

Main article: Private foundation (USA)

A private foundation, in the United States, is a charitable organization described in the Internal Revenue Code by section 509^[1]. A private foundation is necessarily a 501(c)(3) exempt organization (or a former such entity). It is defined by a negative definition: by what it is not. A private foundation is not a public charity, as described in section 170(b)(1)(A) (i) through (vi). Neither is it a section 509(a)(2) organization, nor a supporting organization. ^[2] Private Foundation status subjects a charity to onerous excise taxes found in section 4940 through 4945 of the internal revenue code. Once a charity becomes a Private Foundation, it retains that status unless it follows the difficult termination rules of section 507.

[edit] Canada

^{This short section requires expansion.}

[edit] Australia

^{This short section requires expansion.}

[edit] Civil Law

[edit] Sweden

A private foundation in Sweden (Stiftelse) is formed by a letter of donation from a founder donating funds or assets to be administered for a specific purpose. A private foundation may have diverse purposes, including but not limited to collective, familiar, or the purpose of passive administration of funds. Normally, the supervision of a private foundation is done by the county government where the foundation has its domicile, however, large foundations must be registered by the County Administrative Board (CAB), which must also supervise the administration of the foundation. The main legal instruments governing private foundations in Sweden are those that regulate foundations in general: the Foundation Act (1994:1220) and the Regulation for Foundations (1995:1280).

[edit] See also

[edit] References

^ http://www.law.cornell.edu/uscode/uscode26/usc_sec_26_00000509----000-.html 26 USCA 509
^ http://www.irs.gov/charities/charitable/article/0,,id=96114,00.html IRS webpage, which defines private foundations

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