Private foundation
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]
See also: Foundation (nonprofit)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] Not all foundations engage in philanthropy; some private foundations are used for estate planning purposes.
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 most jurisdictions, expressed in the document of establishment. Others may be provided by the supervising authority at each particular jurisdiction.