There are many kinds of charitable foundations available all around the world. But the main purpose of every foundation is to help needy people in their country. Their focus is not to earn profit but to help people in need to make a difference in this world. Furthermore, they can typically deduct the contributions they receive from the taxes which is a key characteristic of these foundations. They make sure not to use any accepted grant or payment for their personal benefit or gain.
These charitable foundations are available in almost every developed country to help needy people of their country. People love to donate to these charitable foundations such as Zohra Foundation to help people in need. These foundations can be in many forms to help people. Now we will discuss below some of the types of these charitable foundations.
Public Charity
An organization that offers grants and gets support from the public is a public charity foundation. This type of charitable foundation commonly receives funding from different resources such as private foundations or government agencies. It can also earn funding from fees they charge for various charitable services such as holding charity events. A public charity foundation can include facilities like hospitals that provide financial donations or other services to their foundation.
Private Foundation
A charitable foundation that runs by a person or a corporation is known as a private foundation. This type of charitable foundation commonly receives its financial support from resources like the corporation running the foundation. There are three types of private foundations available all over the world i.e. independent, family, and corporate charitable foundations.
Community Foundation
This type of charitable foundation focuses on providing grants to programs in a specific community. However, it can include providing funding for educational programs at community centres and events. This promotes the concept that helps the whole community like public health. A community foundation also offers support through other grants such as giving scholarships to those students who are brilliant in their studies but cannot afford the fees.
Corporate Foundation
A corporation foundation is a type of charitable foundation which is established by a corporation. This type of charitable foundation receives funding from the corporation that runs the foundation. They commonly have extensive options for a charity that help them distribute funds to communities or various needy programs. However, a corporate foundation takes part in corporate that give programs to provide donations to other charitable foundations.
Independent foundation
The type of private foundation that usually receives funding or donations from a single source is an independent foundation. This single source can be in any form such as a group that provides funding to the foundation. An independent foundation doesn’t usually engage in fundraising as they have stable funding from a single source. However, most independent foundations begin as family foundations and then convert into independent charitable foundations. The main purpose of this foundation type is also to help needy people in the country.
