Description
One of the characteristics of the legal entities existing under the status of "Foundations" is a wide diversity of structures and purposes. Nevertheless, there are some common structural elements that are the first observed under legal scrutiny or classification.
- Legal requirements followed for establishment
- Purpose of the foundation
- Economic activity
- Supervision and management provisions
- Accountability and auditing provisions
- Provisions for the amendment of the statutes or articles of incorporation
- Provisions for the dissolution of the entity
- Tax status of corporate and private donors
- Tax status of the foundation
Some of the above must be, in most jurisdictions, expressed in the document of establishment. Others may be provided by the supervising authority at each particular jurisdiction.
Read more about this topic: Private Foundation
Famous quotes containing the word description:
“It [Egypt] has more wonders in it than any other country in the world and provides more works that defy description than any other place.”
—Herodotus (c. 484–424 B.C.)
“Why does philosophy use concepts and why does faith use symbols if both try to express the same ultimate? The answer, of course, is that the relation to the ultimate is not the same in each case. The philosophical relation is in principle a detached description of the basic structure in which the ultimate manifests itself. The relation of faith is in principle an involved expression of concern about the meaning of the ultimate for the faithful.”
—Paul Tillich (1886–1965)
“God damnit, why must all those journalists be such sticklers for detail? Why, they’d hold you to an accurate description of the first time you ever made love, expecting you to remember the color of the room and the shape of the windows.”
—Lyndon Baines Johnson (1908–1973)