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.
