501(c)(3):
Section of the Internal Revenue Code that designates an organization as charitable and tax-exempt. Organizations qualifying under this section include religious, educational, charitable, amateur athletic, scientific or literary groups, organizations testing for public safety or organizations involved in prevention of cruelty to children or animals.
509(a):
Section of the tax code that defines public charities (as opposed to private foundations). A 501(c)(3) organization also must have a 509(a) designation to further define the agency as a public charity. (See Public Support Test)
990:
The federal information tax return form required of all nonprofit organizations with annual gross receipts exceeding $25,000.
990-PF:
The federal information tax return form used for all private foundations filing under tax-exempt status.
990-T:
The federal tax form that must be filed by any nonprofits (including private foundations) that have gross unrelated trade or business income of $1,000 or more (see Unrelated Business Income Tax below).
Accountability:
Foundations must be accountable to the public because foundation donors and the institutions they create receive important tax benefits and are consequently required to serve valid public purposes as defined by law. Foundations are stewards of public as well as private trusts, and must reflect this stewardship in everything they do.
Advisory Board:
A group of individuals, who offer advice, inform or notify. An advisory board differs from an elected board in that they do not have any oversight responsibilities.
Affiliate Funds:
Affiliate funds operate like freestanding community foundations for smaller communities. By affiliating with a local community foundation, these communities can enjoy the benefits of a community foundation without having to file incorporation papers, apply to the IRS for Section 501(c)(3) status, arrange for annual audits, or raise funding for staff. Affiliates have a local board of directors who raise the initial investment, create awareness about the foundation within their communities, and determine recipients for grants.
Altruism:
Altruism, like passion, is the key intent that philanthropy expresses; a concern for the welfare of others; selflessness.
Annual Report:
A voluntary report published by a foundation or corporation describing its grant activities.