Starting A Charitable Foundation – A Dawn For Millions
Charity according to Oxford dictionary is: Giving voluntarily to those in need. But most of us don't have an access to those who are really in need. So to make sure that the charity reaches from those who want to give to those who are in need many organizations have come up. Charitable Foundations are one such type of organizations. Starting a Charitable Foundation is a very huge task. Being a non profit organization it really need a lot of highly self motivated people. A Charitable Foundation is a distinct Legal Entity. A charitable foundation is a nonprofit corporation or trust with a principal purpose of making grants to unrelated organizations or institutions or to individuals for scientific, educational, cultural, religious, or other charitable purposes. Starting a Charitable Foundation depends basically on the type of the foundation.
Types of Charitable Foundation. Community foundations are focused on specific geographic areas. So Starting a Charitable foundation begins with coming together of the citizens in a particular community. Such Foundations usually address multiple issues related to the geographical region they are active in. For example a Timbuktu Charitable Foundation will address to issues like providing shelter for the homeless, building parks and gardens in the city as well as building schools. They may have a Charity Trust or a Charitable Corporation which will take care of the finances and provide funds to the governing authorities to make use of. Charitable Gift Funds are created whereby the citizens can donate an amount to the Charitable Foundation. A Community Foundation is more concerned about a limited geographical location but involves addressing all issue in that area.
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This is usually funded by a Family or a Single Person. A family foundation is a type of private foundation where the board of directors is entirely or mostly made up of the extended family of the founder(s). Starting a Charitable Foundation with a family is easier than Starting a Charitable Foundation in a community as such charitable foundations work towards a single issue. For example, Bill & Melinda Gates Foundation, the primary aims of the foundation are, globally, to enhance healthcare and reduce extreme poverty, and, in the United States, to expand educational opportunities and access to information technology. A Private Charitable Foundation is more concerned about a particular Issue or goal but doesn't usually restrict itself to a small geographical location. Such Foundations have enough finances to work on the global Scale.
In both the cases lots of legal procedures are to be followed. A Foundation being a legal entity is registered in the public registry as a company but the difference being that unlike a company it doesn't have any shareholders. But it may have voting members.
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