Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (121920)	9/28/2012 12:08:57 AM
From: Wharf Rat	Read Replies (2) \| Respond to of 149317

Sounds nothing like a foundation. I Dig It is done so that rich people lacking in economic patriotism can pass money to their heirs and avoid taxes. Message 28438380 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 or an object legal in the economic operation. The Bill & Melinda Gates Foundation is the largest private foundation in the U.S. with over $38 billion in assets. [1] 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. [1] In aggregate, private foundations in the U.S. control over $628 billion in assets [1] and made more than $44 billion in charitable contributions in 2007. [2] Unlike a charitable foundation, a private foundation does not generally solicit funds from the public. It is also important to note that the fact that they are called 'foundations' doesn't mean they are involved in philantropy. Private Foundations are often 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. Legal requirements followed for establishment Purpose of the foundation Economic activity Supervision and management provisions Accountability and auditing provisions Provisions for the amendment of the statutes or articles of incorporation en.wikipedia.org Provisions for the dissolution of the entity Tax status of corporate and private donors Tax status of the foundation 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 en.wikipedia.org