Definitions for "Private Foundation"
a foundation which receives most of its funds from a single source, whose directors do not deal at arm's length with each other, and which makes grants to registered charities.
A foundation established by an individual, a group, or a corporation, whose resources are controlled by the founders.
A nongovernmental, nonprofit organization with funds and programs managed by its own trustees or directors, established to maintain or aid social, educational, religious, or other charitable activities serving the common welfare, primarily through making grants. A private foundation is tax exempt under code section 501(c)(3).
a legal entity and must be organized according to prescribed legal requirements
a unique form of legal entity, which acts like a Trust and operates like a company