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Private Foundation (USA)
Until 1969, the term ''private foundation'' was not defined in the United States Internal Revenue Code. Since then, every U.S. charity that qualifies under Section 501(c)(3) of the Internal Revenue Service Code as tax-exempt is a "private foundation" unless it demonstrates to the IRS that it falls into another category such as public charity. Unlike nonprofit corporations classified as a public charity, private foundations in the United States are subject to a 1.39% excise tax or endowment tax on any net investment income. The US-based Foundation Center uses a more specific definition of private foundation which hinges in part on the existence of an endowment: a private foundation is a nongovernmental, nonprofit organization, which has a principal fund managed by its own trustees or directors. Hopkins (2013) listed four characteristics that make up a private foundation, also including an endowment as a condition for private foundations: * It is a charitable organization and thus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Internal Revenue Code
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, Inheritance tax, estate taxes, gift taxes, and Excise, excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873. Title 35 of the Revi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rockefeller Foundation
The Rockefeller Foundation is an American private foundation and philanthropic medical research and arts funding organization based at 420 Fifth Avenue, New York City. The foundation was created by Standard Oil magnate John D. Rockefeller ("Senior") and son " Junior", and their primary business advisor, Frederick Taylor Gates, on May 14, 1913, when its charter was granted by New York. It is the second-oldest major philanthropic institution in America (after the Carnegie Corporation) and ranks as the 30th largest foundation globally by endowment, with assets of over $6.3 billion in 2022. The Rockefeller Foundation is legally independent from other Rockefeller entities, including the Rockefeller University and Rockefeller Center, and operates under the oversight of its own independent board of trustees, with its own resources and distinct mission. Since its inception, the foundation has donated billions of dollars to various causes, becoming the largest philanthropic enter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United States
The United States has separate Federal government of the United States, federal, U.S. state, state, and Local government in the United States, local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, Capital gains tax in the United States, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP. Income tax in the United States, U.S. tax and transfer policies are Progressive tax, progressive and therefore reduce effective income inequality in the United States, income inequality, as rates of tax generally increase as taxable income increases. As a group, the lowest earning workers, especially those with dependents, pay no income taxes and may actually receive a small subsidy from the federal government (from child credits and the Earned Income Tax Credit). Taxes fall m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philanthropy
Philanthropy is a form of altruism that consists of "private initiatives for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material gain; and with government endeavors that are public initiatives for public good, such as those that focus on the provision of public services. A person who practices philanthropy is a philanthropist. Etymology The word ''philanthropy'' comes , from 'to love, be fond of' and 'humankind, mankind'. In , Plutarch used the Greek concept of to describe superior human beings. During the Middle Ages, was superseded in Europe by the Cardinal virtues, Christian virtue of ''Charity (Christian virtue), charity'' (Latin: ) in the sense of selfless love, valued for Salvation in Christianity, salvation and escape from purgatory. Thomas Aquinas held that "the habit of charity extends not only to the love of God, but also to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Wealthiest Charitable Foundations
This is a list of wealthiest charitable foundations worldwide. It consists of the 53 largest charitable foundations, private foundations engaged in philanthropy, and other charitable organizations such as charitable trusts that have disclosed their assets. In many countries, asset disclosure is not legally required or made public. Only nonprofit foundations are included in this list. Organizations that are part of a larger company are excluded, such as holding companies. The entries are ordered by the size of the organization's financial endowment. The endowment value is a rounded estimate measured in United States dollars, based on the exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...s December 31, 2024. Due to fluctuations in holdings, currency exchange and asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foundation (nonprofit)
A foundation (also referred to as a charitable foundation) is a type of nonprofit organization or charitable trust that usually provides funding and support to other charitable organizations through grants, while also potentially participating directly in charitable activities. Foundations encompass public charitable foundations, like community foundations, and private foundations, which are often endowed by an individual or family. Nevertheless, the term "foundation" might also be adopted by organizations not primarily engaged in public grantmaking. Description Legal entities existing under the status of "foundations" have a wide diversity of structures and purposes. Nevertheless, there are some common structural elements. * Legal requirements followed for establishment * Purpose of the foundation * Economic activity * Supervision and management provisions * Accountability and auditing provisions * Provisions for the amendment of the statutes or articles of incorporation * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Foundation
A private foundation is a Tax exemption, tax-exempt organization that does not rely on broad public support and generally claims to serve humanitarian purposes. Unlike a Foundation (nonprofit), charitable foundation, a private foundation does not generally solicit funds from the public or have the legal requirements and reporting responsibilities of a registered non-profit or charitable foundation. Not all foundations engage in philanthropy; some private foundations are used for estate planning purposes. Description One of the characteristics of the legal entities existing under the status of "Foundations" is a wide diversity of structures and purposes. Nevertheless, there are some common structural elements that are the first observed under legal scrutiny or classification. * Legal requirements followed for establishment * Purpose of the foundation * Economic activity * Supervision and management provisions * Accountability and auditing provisions * Provisions for the amendmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foundation (United States Law)
A foundation in the United States is a type of charitable organization. Though, the Internal Revenue Code distinguishes between private foundations (usually funded by an individual, family, or corporation) and public charities ( community foundations and other nonprofit groups that raise money from the general public). Private foundations have more restrictions and fewer tax benefits than public charities like community foundations. History The two most famous philanthropists of the Gilded Age pioneered the sort of large-scale private philanthropy of which foundations are a modern pillar: John D. Rockefeller and Andrew Carnegie. The businessmen each accumulated private wealth at a scale previously unknown outside of royalty, and each in their later years decided to give much of it away. Carnegie gave away the bulk of his fortune in the form of one-time gifts to build libraries and museums before divesting almost the entirety of his remaining fortune in the Carnegie Foundation and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill And Melinda Gates Foundation
The Gates Foundation is an American private foundation founded by Bill Gates and Melinda French Gates. Based in Seattle, Washington, it was launched in 2000 and is reported to be List of wealthiest charitable foundations, the third largest charitable foundation in the world, holding $77.2 billion in assets as of December 31, 2024. The primary stated goals of the foundation are to enhance healthcare and reduce extreme poverty across the world, and to expand educational opportunities and access to information technology in the U.S. Key individuals of the foundation include Warren Buffett, chief executive officer Mark Suzman, and Michael Larson (businessman), Michael Larson. The scale of the foundation and the way it seeks to apply business techniques to giving makes it one of the leaders in venture philanthropy, though the foundation itself notes that the philanthropic role has limitations. In 2007, its founders were ranked as the second most generous philanthropists in the U.S., ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wall Street Journal
''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscription model, requiring readers to pay for access to most of its articles and content. The ''Journal'' is published six days a week by Dow Jones & Company, a division of News Corp. As of 2023, ''The'' ''Wall Street Journal'' is the largest newspaper in the United States by print circulation, with 609,650 print subscribers. It has 3.17 million digital subscribers, the second-most in the nation after ''The New York Times''. The newspaper is one of the United States' newspapers of record. The first issue of the newspaper was published on July 8, 1889. The editorial page of the ''Journal'' is typically center-right in its positions. The newspaper has won 39 Pulitzer Prizes. History Founding and 19th century A predecessor to ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
501(c)(3)
A 501(c)(3) organization is a United States corporation, Trust (business), trust, unincorporated association or other type of organization exempt from federal income tax under section 501(c)(3) of Title 26 of the United States Code. It is one of the 29 types of 501(c) organization, 501(c) nonprofit organizations in the US. 501(c)(3) tax-exemptions apply to entities that are organized and operated exclusively for religion, religious, Charitable organization, charitable, science, scientific, literature, literary or educational purposes, for Public security#Organizations, testing for public safety, to foster national or international amateur sports competition, or for the prevention of Child abuse, cruelty to children or Cruelty to animals, animals. 501(c)(3) exemption applies also for any non-incorporated Community Chest (organization), community chest, fund, Cooperating Associations, cooperating association or foundation organized and operated exclusively for those purposes. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscription model, requiring readers to pay for access to most of its articles and content. The ''Journal'' is published six days a week by Dow Jones & Company, a division of News Corp. As of 2023, ''The'' ''Wall Street Journal'' is the List of newspapers in the United States, largest newspaper in the United States by print circulation, with 609,650 print subscribers. It has 3.17 million digital subscribers, the second-most in the nation after ''The New York Times''. The newspaper is one of the United States' Newspaper of record, newspapers of record. The first issue of the newspaper was published on July 8, 1889. The Editorial board at The Wall Street Journal, editorial page of the ''Journal'' is typically center-right in its positio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
