FOUNDATION

foundation. 1. The basis on which something is supported; esp., evidence or testimony that

establishes the admissibility of other evidence <laying the foundation>. [Cases: Evidence 117,

366–381. C.J.S. Evidence §§ 208, 819–822, 824–833, 870–878, 881, 884, 889, 917–919, 932–933,

935–939, 949, 957, 959–962, 964, 976, 982–983, 986, 992–994, 998, 1000, 1002–1006, 1008,

1010–1022, 1026–1034.] 2. A fund established for charitable, educational, religious, research, or

other benevolent purposes; an endowment <the Foundation for the Arts>.

private foundation.A charitable organization that is funded by a single source, derives its

income from investments rather than contributions, and makes grants to other charitable

organizations. • A private foundation is generally exempt from taxation. IRC (26 USCA) § 509. —

Also termed private nonoperating foundation.

private nonoperating foundation.See private foundation.

private operating foundation.A private foundation that conducts its own charitable program

rather than making grants to other charitable organizations. • Most of the foundation’s earnings

and assets must be used to further its particular charitable purpose.[Blacks Law 8th]