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What is the definition of a private foundation?
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A private foundation is an organization that is usually funded by a single individual, family, or corporation, and operates to support charitable causes. It is typically established as a non-profit corporation or as a trust or a community foundation, and grants funds or assets to qualified organizations. Private foundations are obligated to act in the public interest, and are usually subject to specific regulations, such as those governing self-dealing and unrelated business income.