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A private foundation is a tax-exempt organization that does not rely on broad public support and generally claims to serve humanitarian purposes. [1] [2] [3]Unlike a charitable foundation, a private foundation does not generally solicit funds from the public or have the legal requirements and reporting responsibilities of a registered non-profit or charitable foundation. [4]
Until 1969, the term private foundation was not defined in the United States Internal Revenue Code.Since then, every U.S. charity that qualifies under Section 501(c)(3) of the Internal Revenue Service Code as tax-exempt is a "private foundation" unless it demonstrates to the IRS that it falls into another category such as public charity.
This is a list of wealthiest charitable foundations worldwide. It consists of the 50 largest charitable foundations, private foundations engaged in philanthropy, and other charitable organizations such as charitable trusts that have disclosed their assets. In many countries, asset disclosure is not legally required or made public.
A foundation in the United States is a type of charitable organization. Though, 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 ...
Bill & Melinda Gates Foundation; Bilqees Sarwar Foundation; Blessing Bethlehem; Bloomberg Philanthropies; Bluey Day Foundation; Born This Way Foundation; Boys & Girls Clubs of America; Bread for the World; Bremen Overseas Research and Development Association; British Heart Foundation; Burroughs Wellcome Fund; Bush Foundation
The Andrew W. Mellon Foundation, commonly known as the Mellon Foundation, is a New York City-based private foundation with wealth accumulated by Andrew Mellon of the Mellon family of Pittsburgh, Pennsylvania. [2] It is the product of the 1969 merger of the Avalon Foundation and the Old Dominion Foundation.
The Adelson Foundation gives $200 million annually to Jewish and Israeli causes, the largest by far of any existing private foundation with that aim. [4] As of 2014, the foundation had donated $200 million to Birthright Israel and $50 million to Yad Vashem, and had begun supporting the Israeli American Council. [7]
For many years, the foundation's financial endowment was the largest private endowment in the world; it remains among the wealthiest. For fiscal year 2014, it reported assets of $12.4 billion and approved $507.9 million in grants.