Private Foundation

A nongovernmental, nonprofit organization with funds (usually from a single source, such as an individual, family, or corporation) and program managed by its own trustees or directors which was established to maintain or aid social, educational, religious, cultural, or other charitable activities serving the common welfare, primarily through the making of grants. 'Private foundation' also means an organization that is tax exempt under Code section 501(c)(3) and is classified by IRS as a private foundation as defined in the Code. The code definition usually, but not always, identifies a foundation with the characteristics first described. (See also Public Charity)