Community Foundation

A 501(c)(3) organization which makes grants for charitable purposes in a specific community or region. Funds are usually derived from many donors and held in an endowment independently administered; income earned by the endowment is then used to make grants. Although a few community foundations may be classified by the IRS as private foundations, most are classified as public charities eligible for maximum income tax-deductible contributions from the general public. (See also Public Charity)