Will and Jada Pinkett Smith charity closes down after decreasing donations post-Oscar slap - eviltoast
  • Ullallulloo@civilloquy.com
    link
    fedilink
    arrow-up
    1
    ·
    7 months ago

    My bad, that’s true. I guess it’s that private foundations are more limited in how much you can deduct. To qualify as a public charity, a foundation needs to get at least a third of its funding from the public and have other board members, so they can’t just be self-funded and self-directed. A private foundation still has to be for a qualified charitable purpose but only lets you deduct half as much of contributions.