Community foundations compliance project
Exempt Organizations is conducting a project to determine if community foundations are complying with section 501(c)(3) of the Internal Revenue Code. Community foundations began as groups of small charitable trusts established at local banks or trust companies to benefit community residents. However, over the last decade, there has been a significant increase in the number, size, and complexity of community foundations. This compliance project will provide the IRS information on how these organizations operate and allow us to follow up on organizations that may have compliance issues.
A community foundation is a public charity that conducts grant making activities that often but not always benefit local charities and charitable community projects. Generally, community foundations do not operate their own programs.
- Community Foundations (continuing professional education text - general background information about community foundations)