A grantmaking foundation is a charitable tax-exempt organization whose primary function is to distribute funds for charitable purposes. Private foundations are typically formed by individuals, families, or corporations.
Regardless of whose generosity is benefiting worthy causes, a foundation needs a governing board (or a board of trustees as foundation board members often are called) because it is structured as a tax-exempt organization. In principle, the role of the foundation board does not differ from that of other nonprofit boards, but foundation boards have specific challenges.
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