In 2008, during the Obama Administration’s transition, Valerie Jarrett, now Senior Advisor to President Obama, was the featured speaker at a Council Policy Forum. She asked foundations to become partners in the social innovation agenda the incoming Administration was committed to incorporate into its policies and programs. The Policy Forum attendees responded positively, and in an effort to provide a coordinated response, the Council organized a formal public-philanthropic partnership initiative.
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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