Did you know there are many different types of foundations and each of them is set up to support different purposes? Give this article a read to find out ten of the many types of foundations.
- Arts foundation
- Community Foundation
- Corporate Foundation
- Grantmaking Foundation
- Private Family Foundation
- Public Foundation
- Independent Foundation
- Operating Foundation
- Company-Sponsored Foundation
- Grantmaking Public Charities
- How to manage your Foundation
Individual artists or artistic organizations can apply for grants through the Arts Foundation. This will usually help the artist to develop their own project and create their portfolio to the level where it can help them make a living if that is within their aim.
Among the different types of foundations, Community foundations make grants to effective programs in their community - this is set up to better communities and funding projects towards the community’s needs.
A corporate foundation is designed to help the employees such as where they live and/or where the business operates. The business then has a charity pot where their business operates to raise money for the foundation - the outcome is often always positive.
The purpose of grantmaking is to distribute funds for a very specific mission and it can range from minor or major part of the mandate.
Private Family Foundation
They are the largest proportion among the different types of foundations. The purpose of the Private Family Foundation is to meet the philanthropic passions of a family or individuals. Self-funded programs are common.
Public Foundation has very high expectations around effectiveness and transparency. They are usually set up as an agency, board, or commission that has to grant a mandate.
This is a private Foundation that is usually owned by one source, such as an individual’s bequest. Independent Foundations are usually a for-profit organization rather than a non-profit.
Private Foundations use most of their income to provide charitable services or programs of their own, rather than making grants outside organizations.
A private foundation whose funding is from the contribution of a for-profit business organization. The company-sponsored foundation may maintain close with the donor company, but it is an independent organization with its own endowment. Rules and regulations are still the same as other private foundations.
Grantmaking Public Charities
Grantmaking Public Charities raise money to support groups of nonprofit organizations. These are only a few of the many types of grantmakers. It is amazing how many types of grantmakers there are and that everything can be supported by the grantmakers - but you just have to find the right grantmaker that will be able to support your type of mission.
Are you looking for a way to manage your grant?