Public
foundations are publicly sponsored organizations that receive
contributions from many donors and whose grantmaking decisions are
overseen by their boards of directors. Community foundations differ
from other types of public foundations in their grantmaking priorities.
Public foundations are considered by the Internal Revenue Service
to be public charities that disperse their funds in the form of
grants. If they have gross receipts of over $25,000 in any year
must file Form
990 (other foundations file Form
990-PF, which makes it easier to identify them). Public foundations
may emphasize a specific segment of a community, subject area or
need.
One example of a population-related public foundation is women's
funds, such as the Chicago Foundation for Women. Other public foundations
focus on the arts, health, the environment, social change, ethnic
or religious communities.
Community
foundations make grants for social, educational, religious or
other charitable purposes in a specific community or region. Usually,
their board of directors represents the community's diversity. There
are about 500 community foundations in the United States, 19 of
which are in Illinois. They tend to support broad public needs of
their geographic community or region. Almost all of them produce
annual
reports, and like other public charities, they file form 990s.
It is relatively easy to find information about them.
Search
the Donors Forum Library catalog online
to see our materials on public and community foundations.
Guidestar
The
Council on Foundation's Community Foundation Locator
A searchable database of community foundations across the U.S.
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