What are the differences between private foundations and public charities?
Private foundations are typically funded by a single individual or family, while public charities receive funding from the public and government.
Can you explain the tax benefits of each?
Sure! Donors to private foundations can receive a tax deduction of up to 30% of their adjusted gross income, while donations to public charities can allow for deductions up to 60%.
Which one is better for long-term giving?
It depends on your goals. Private foundations offer more control over funds, while public charities can have a broader impact due to their public support.
Are there any restrictions on how funds can be used?
Yes, private foundations face stricter regulations on their spending and must distribute a minimum percentage of their assets annually, while public charities have more flexibility.
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