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In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
Bands of America (BOA) is a music education advocacy organization and promoter of high school marching band competitions in the United States. Established in 1975 as Marching Bands of America (MBA), founder Larry McCormick's goal was to provide educational opportunities for music students nationwide. McCormick organized the first annual Summer ...
A foundation in the United States is a type of charitable organization. Though, the Internal Revenue Code distinguishes between private foundations (usually funded by an individual, family, or corporation) and public charities (community foundations and other nonprofit groups that raise money from the general public).
A 501(c) organization is a nonprofit organization in the federal law of the United States according to Internal Revenue Code (26 U.S.C. § 501(c)). Such organizations are exempt from some federal income taxes. Sections 503 through 505 set out the requirements for obtaining such exemptions.
Drexel University environmental sociologist Robert Brulle, who has studied networks of nonprofit funding, described donor-advised funds: [5] In this type of foundation, individuals or other foundations contribute money to the donor directed foundation, and it then makes grants based on the stated preferences of the original contributor.
Bank of America's logo from 1969 to 1998 Bank of America Tower, headquarters for Bank of America's investment banking operations, seen from Bryant Park in Midtown Manhattan, in 2015 Following passage of the Bank Holding Company Act of 1956 by the U.S. Congress , [ 24 ] BankAmerica Corporation was established for the purpose of owning and ...
By contrast, certain other nonprofit organizations are not considered non-partisan: 501(c)(4) organizations, which are tax-exempt, are operated exclusively for promoting social welfare, or local organizations with membership limited to a particular company, municipality, or neighborhood, and which devote their earnings to charity, education, or recreation. [9]
A foundation (also referred to as a charitable foundation) is a type of nonprofit organization or charitable trust that usually provides funding and support to other charitable organizations through grants, while also potentially participating directly in charitable activities.