A Helping Hand for Those in Need Helping foundations are nonprofit organizations that aim to serve the common people by supporting charitable programs and activities.
Foundations are created by individuals as well as large corporations and families who donate their money. Foundations play an extremely crucial and active role in education, science, and environmental issues.
The purpose or mission of helping foundations is to benefit certain groups of people in need. They must be dedicated to general interest purposes, like the welfare of victims of abuse, educational and cultural affairs, and more. Foundations cannot be established for the sole purpose of benefiting the patrons or people related to them or anything that does not pursue general interest aims.
History of Helping Foundations
The first creation of foundations can be seen during the rise of the Greek and Roman civilization. They were often created with the purpose of honoring Roman and Greek deities. During the Middle Ages, the church had numerous foundations, which it created to facilitate the growth of the church. In 1701, Thomas Barry, an English clergyman, created a foundation with the purpose of establishing churches and libraries throughout what would later become the United States.
Many helping foundations have been created since, and they continue to change the world today. Many people benefit from various foundations around the world. Indeed, foundations lend a helping hand to people who need assistance all over the world, not just in the United States.
The largest foundation today is the Bill and Melinda Gates Foundation. The foundation supports various charitable organizations. Another well-known foundation is the Nobel Prize which pays homage to feats in economics, literature, world peace, and more. For some big companys is launching a foundation their business card for a friendly image and good business and see they it as their social engagement to do so.
Different Types of Helping Foundations
1. Corporate Foundations: These are created and funded by companies. A board of directors operates these types of foundations. Most large companies have in-house corporate programs and foundations.
2. Independent Foundations: These are the most common foundations. The funds come from families, large companies, or a group of individuals.
3. Public Foundations: These are funded, supported, and operated by a community or group. A governing body or committee administers these foundations.
Regulation of Helping Foundations
There are strict regulations governing foundations. These regulations are often much more strict compared to the regulations for public charities. There are requirements that a foundation has to meet. The Internal Revenue Service requires foundations to pay at least five percent of their assets based on market value at the end of the year. Foundations must also pay an excise tax of one to two percent of their earnings. They can only give money to other organizations with some exceptions.