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The word “foundation” itself has no legal status. Any organization can call itself a foundation or use the word as part of its name without necessarily operating as a grantmaking or philanthropic entity. True charitable or philanthropic foundations, on the other hand, are usually organized under the tax code that allows them to accumulate, invest and hold assets tax-free as long as they make charitable grants or contributions. Charitable and philanthropic foundations come in all shapes, sizes and varieties, from the very small, single-purpose family-run foundations to the multibillion-dollar, multipurpose international foundations.

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