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FOUNDATIONS IN CIVIL LAW SYSTEMS The term "foundation" originates in Civil Law Jurisdiction s, where it is used to describe a distinct legal entity. A foundation has Legal Personality , and is entered in a public registry like a Company . Unlike a company, it has no Shareholders , though it may have voting members. It holds assets in its own name for the purposes set out in its constitutive documents, and its administration and operation is carried out in accordance with contractual rather than Fiduciary principles. The foundation has a distinct Patrimony independent of its Founder . Foundations are often set up for Charitable Purposes . 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 States of Jersey are considering introducing civil law type foundations into its law. A consultation paper presenting a general discussion on foundations was brought forth to the Jersey government concerning this possibility: [http://www.mourant.com/_support/uploadedfiles/Foundations%20law%20consultation%20paper.pdf ''Foundations: Proposals for a new law''] ( Pdf file). FOUNDATIONS IN COMMON LAW SYSTEMS Foundations in U.S.A. Main article: Foundation In U.S.A. (charity) In the United States, many philanthropic and charitable organizations are considered to be foundations. However, 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 less tax benefits than public charities. Foundations in England In England, the word "foundation" is sometimes used in the title of a charity, as in the British Heart Foundation and the Fairtrade Foundation . Despite this, the term is not generally used in English law, and (unlike in civil law systems) the term has no precise meaning. Foundations in Canada Main article: Foundations In Canada In Canada under Canadian Law , foundations may be Public or Private , but both are Charities . They collectively comprise a large asset base for Philanthropy . SEE ALSO
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