Private foundation

A private foundation is a type of nonprofit organization funded by a group of private individuals or family. This type of foundation is usually set up to support charitable, educational, religious, or other activities approved by the Internal Revenue Service (IRS). The money put into the foundation is usually used to fund projects and programs that help benefit people in the community—such as helping families in need, supporting medical research, or providing scholarships for students. Some private foundations also work to influence public policy. The people who set up the foundation decide what causes it will support, and the foundation keeps track of how the money is being used.