Charity Foundations is nothing but a type of Non-profit organization which either gives funds to other charities or supplies funds for its own charity programs. This is not similar to private foundations which are owned and run by a single person or a family.
Requirements for Charity Foundations:
Charity Foundations need to satisfy the following requirements to get recognized. These have to be submitted in the form of documents.
- Purpose of the foundation
- Legal processes to be followed for the establishment
- Economic interest
- Responsibility and Auditing specifications
- Supervision and management
- Facility to amend the rules or articles incorporation
- Facility to suspend a unit or individual
- Tax status of the donors and the foundation itself
Setting up Charity Foundations
Top Ten charity Foundations:
People who earned a lot that they can spend freely are very rarely get an idea of serving the humanity by spending their money on works like education, medical facilities etc. But such people become great who plan Charity Foundations to look after such philanthropic work. Here are the top ten charity foundations in the world.
Bill & Melinda Gates Foundation
This was founded by Bill Gates and his wife Melinda in 2000. The foundation takes care of aiding mothers and newborns in nations hit by poverty. It aims at improving the medical facilities, Education and offering more entry to Information Technology. The financial status of the foundation is more than 33 billion dollars which makes it the richest charity in the world, but to maintain this position, the foundation has to undertake charity programs spending about 1.65 billion dollars yearly. After resignation from Microsoft Bill Gates took an active role in the charity work taken by the foundation.
This foundation saw the light in 1936 in London and was named after the pharmaceuticals entrepreneur Henry Wellcome. This foundation mainly focuses on promotion of research and improvement of health conditions and insight of science and medicine. Its financial status is about 23.2 billion dollars and is the top charity foundation in UK.
Howard Hughes Medical Institute
This foundation was start by Howard Hughes in 1953. Its financial status is about 15 billion dollars. This foundation aims to improve medical research and education.
This foundation was founded in 1937 by Josiah K Lilly and his sons. Initially they took the stocks of the pharmaceutical company as the investment but the company has grown now to about 10.8 billion dollars. This foundation mainly helps for community development, education and religion.
As the name suggests, this foundation is started by Edsel Ford and two other employees from Ford company in the year 1936. Initially this foundation sponsored programs related to science, education and other charities. But now they are working on reducing poverty and promoting democracy. The financial status of this foundation is about 12 billion dollars. They funded many charity projects aiming at human rights, social justice, education, community development and peace.
Robert Wood Johnson Foundation
This foundation was established in 1936 with an aim to improve health conditions in America. It focuses on programs promoting healthy lifestyles and improving health care for people suffering from chronic diseases. The financial status of this foundation is nearly 9.4 billion dollars.
W. K. Kellogg Foundation
This was founded by Will Keith Kellogg who donated stocks worth more than 66 million dollars and now it reached to about 7.8 billion dollars.
William and Flora Hewlett Foundation
This foundation receives funds from the sales achieved through Hewlett-Packard’s computer and technology. It is founded in 1966 and now funds programs focusing on global development, education, performing arts, reproductive health and environmental issues. Its headquarters is situated in San Francisco and there it undertakes programs to assist under privileged communities.
Robert Bosch Foundation
This is a Germany based charity foundation and was established in 1964 to fulfill the dreams of Robert Bosch. The financial status of the foundation has reached 6.9 billion dollars. The programs which they undertake aim to promote education, science and research and health.
The David & Lucile Packard Foundation
This is the second foundation run by the Hewlett Packard team which included the second half of the team along with David Packard and his wife Lucile and was started in 1964. Their programs included improvement of lives of children, Science and research and spreading awareness of conservation of Earth’s natural systems. The financial status of this foundation reached 6.2 billion dollars.
The best part of all these Charity foundations is that they spend most of their endowments on charity and why not? That makes them stand up high in the world.