"1 here are more than 22,000 private foundations in the United States. Unfortunately,
the terminology in this field is rather confusing. Many organizations
which contain the name ""foundation"" do not meet the criteria laid
down in the tax code and many of these do not make grants. There are also
some foundations which do not have the word ""foundation"" as part of their
name (e.g., Carnegie Corporation of New York, Stearns Charitable Trust).
The Internal Revenue Service publishes a volume entitled Cumulative List
of Organizations Described in Section 170(c) of the Internal Revenue Code
of 1954 (Internal Revenue Service Publication 78). This publication lists
the organizations defined in the tax laws as private foundations. Generally
speaking, a private foundation is nonprofit, nongovernmental, and governed
by its own board of trustees; and it has a principal fund of its own. Such
a definition unfortunately includes some organizations not included under
the tax code definition. The ultimate authority is IRS Publication 78."
Publisher
Graduate School of Library Science, University of Illinois at Urbana-Champaign
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