About Private foundation

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Title Private foundation
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(from Freebase)
A private foundation is a legal entity set up by an individual, a family or a group of individuals, for a purpose such as philanthropy. The Bill & Melinda Gates Foundation is the largest private foundation in the U.S. with over $38 billion in assets. However, most private foundations are much smaller and approximately two-thirds of more than 84,000 filing with the IRS in 2008 have less than $1 million in assets and 93% have less than $10 million. In aggregate, private foundations in the U.S. control over $628 billion in assets and made more than $44 billion in charitable contributions in 2007. Unlike a charitable foundation, a private foundation does not generally solicit funds from the public. 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. Some of the above must be, in...
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