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A Foundation is a non-governmental entity that is established as a non-profit corporation or a charitable trust, with a principal purpose of making grants to unrelated organizations, institutions, or individuals for scientific, educational, cultural, religious, or other charitable purposes.
This broad definition encompasses two foundation types: private foundations and grant making public charities.
Dr Ernest Azudialu-Obiejesi, Founder Obijackson Foundation
A private foundation is an independent legal entity set up for solely charitable purposes. Unlike a public charity, which relies on public fundraising to support its activities, the funding for a private foundation typically comes from a single individual, a family, or a corporation, which receives a tax deduction for donations.
The word “Foundation” is commonly incorporated into the names of many different types of nonprofits (e.g., The Susan G. Komen Foundation, The Bill and Melinda Gates Foundation, Make-A-Wish Foundation). But not all of these “charitable foundations” are Private Foundations. In fact, a private foundation is a very specific and distinct type of charitable foundation.
The major difference between a private foundation, like The Bill and Melinda Gates Foundation, and a public charity like the Make-A-Wish Foundation, is the source of their financial support. While a public charity gets its funding from the general public, a private foundation usually has one source of funding, typically an individual, family, or Corporation.
The Obijackson Foundation is a typical private foundation which is a non-profit organization that was established in 2010 and an affiliate of the Obijackson Group. The sole aim of the Foundation is to ensure that there is an improvement in the quality of lives of the underprivileged in low income communities not only within our target population but also in the Southwest and Abuja capital territory of Nigeria.
Currently, the immediate operational base of the … Read More...