Makes grants to qualified charities or individuals involved in charitable activities. Public tax status. Restricts grants to charities or classes of charities which the founding family name the time of the foundation's creation. Family members have a minority interest on the board and appoint control to representatives from a public charity. Public tax status.
Fund is invested to create income for making grants to public charities.
Donor and family members form a distribution committee to advise foundation board where to direct the grants. Board sometimes restricts how many family generations can become involved in governance. The Advantages of Public Tax Status Private vs. Public 1. Income tax deduction Cost vs. FMV 2.