private foundation

noun

Legal Definition of private foundation

: a tax-exempt foundation operated exclusively for humanitarian (as religious, charitable, educational, or scientific) purposes whose earnings do not benefit any private individual and which does not participate in or carry on any political propaganda or campaign — compare charity

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Cite this Entry

“Private foundation.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/private%20foundation. Accessed 26 Jan. 2022.

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