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HOW DO FOUNDATIONS WORK?

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A foundation is generally a donor-advised fund that endows gifts to various cause-related activities. Basically, every foundation has to meet IRS requirements in order to incorporate and gain federal tax exemptions. Foundations receive similar tax breaks to non-profit organizations except that they must pay an excise tax. So, when companies are rolling in dough, they can donate to their own foundations, advise on those funds, help some good causes and get a tax break. WHAT ARE THE CAUSES? I’m all for the OpenSocial Foundation as well as the Mozilla Foundation as I view these groups as being forged in the spirit of collaboration and a neutral web. But what do we know of the others? As far as tech-related foundations are concerned, the Bill and Melinda Gates Foundation is one of the leading organizations in public health and independent education. This is evident in the fact that the world’s richest man, Warren Buffet made plans in 2006 to leave 83% of his $62 billion dollar fortune to ... more
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