Council on Foundations president and CEO Vikki Spruill and several Council members met with Congressional leaders today to deliver the important message that changes to the charitable tax deduction would diminish its value and have an undeniably negative impact on communities across the United States. Reductions in the charitable tax deduction would result in diminished support for health and human services, fewer nonprofit jobs, a reduction in research and development capacity, less educational opportunity, cuts to art funding, and decreases in economic development.
Public foundations are grantmaking public charities that gain their funds from a variety of sources, which may include foundations, individuals, corporations, or public entities. Public foundations may engage in fundraising, and may seek broad public financial support. They may or may not have endowments. There is no legal definition of a public foundation, but most dedicate a significant portion of their annual budgets to grantmaking. Most community foundations are also grantmaking public charities.
Since public foundations may be defined in different ways, and there is no official IRS or legal definition of public foundations, it is difficult to arrive at statistics that are fully representative of the field.
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The Council on Foundations today announced the first members of its network team, which will facilitate the flow of information and ideas across the philanthropic sector. The network team will connect members around common issues of concern, connect our members to outside resources across sectors, and —if necessary— build new products and services.