Foundation (charity)

In Civil Law Jurisdiction s, the foundation finds its source in institutions of Medieval times when a patron would establish a foundation to endow a monastery or other religious institution in perpetuity.

The foundation has a distinct Patrimony independent of its founder and if it is not a Moral Person , it is considered to be a Social Trust .

There are several types of foundations, including family foundations, corporate foundations and community foundations. Community foundations are public charities established in communities throughout the world (there are about 700 in the U.S.) to support community efforts. Frequently, these community foundations have both funds to be used at the discretion of the board of directors and other, specialized funds established by individuals, families, businesses, and Nonprofit Groups at these foundations into which they contribute a variety of assets (cash and stock being among the most popular). These assets are invested and grow over time. While there are many different kinds of funds that can be established, among the most popular are Donor Advised Funds . These enable those who established them to contribute assets into the funds at any time, and then they can recommend that grants be made from the fund to qualified nonprofit groups in any amount and at any time in the future--anywhere in the world. Community foundations also work with people to help them implement charitable giving as part of their Estate Plans --e.g., through a bequest.

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Foundation (charity)