Charitable foundation (public or private)
A charity, other than a charitable organization, that is a corporation or a trust and that meets both the following requirements:
It is established and operated exclusively for charitable purposes that include making qualifying disbursements.
As a rule, it does not pay any portion of its income to its proprietors, members, shareholders, trustees or settlors, or otherwise make its income available to any of those persons for their benefit.
Important
A charitable foundation is not considered to be established and operated exclusively for charitable purposes if it devotes part of its resources to direct or indirect support of, or opposition to, any political party or candidate for public office.