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What is a foundation? A: A foundation is a non-governmental entity that is established as a nonprofit corporation or a charitable trust, with a principal purpose of making grants to unrelated organizations, institutions, or individuals for scientific, educational, cultural, religious, or other charitable purposes.
A private foundation is a legal entity set up by an individual, family, or group of individuals, for a specific charitable purpose. Private foundations can be organized either as corporations or as trusts. You can appoint yourself, as well as family members or friends, to sit on the foundationâs governing board. A private foundation is an excellent way to establish a legacy and still maintain control. Charitable Remainder Trusts.