FLCC / OFFICE & DEPT. DIRECTORY / RESOURCE DEVELOPMENT / SPONSORED PROGRAMS & GRANTS  

WHAT IS A FOUNDATION?
Source: Council on Foundations 2002

Foundations and corporate foundations/ giving programs have a marvelous history of changing lives through the organizations and programs they support. Education, public health, scientific research, the arts, social services, and the environment are a few of the many areas of activity for grantmakers.

The word foundation means different things to different people. In the field of philanthropy, the term foundation has no precise meaning. Since 1969, the United States Tax Code has drawn a clear distinction between public charities and private foundations. Both may use the term "foundation" in their titles, but depending on their IRS classifications, they are treated very differently under the tax laws. Foundations are regulated by Congress and the Internal Revenue Service (IRS).