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:
“The Sage of Toronto ... spent several decades marveling at the numerous freedoms created by a “global village” instantly and effortlessly accessible to all. Villages, unlike towns, have always been ruled by conformism, isolation, petty surveillance, boredom and repetitive malicious gossip about the same families. Which is a precise enough description of the global spectacle’s present vulgarity.”
—Guy Debord (b. 1931)
“An intentional object is given by a word or a phrase which gives a description under which.”
—Gertrude Elizabeth Margaret Anscombe (b. 1919)
“As they are not seen on their way down the streams, it is thought by fishermen that they never return, but waste away and die, clinging to rocks and stumps of trees for an indefinite period; a tragic feature in the scenery of the river bottoms worthy to be remembered with Shakespeare’s description of the sea-floor.”
—Henry David Thoreau (1817–1862)