Charitable trust in the context of Foundation (non-profit)


Charitable trust in the context of Foundation (non-profit)

⭐ Core Definition: Charitable trust

A charitable trust is an irrevocable trust established for charitable purposes. In some jurisdictions, it is a more specific term than "charitable organization". A charitable trust enjoys varying degrees of tax benefits in most countries and also generates goodwill. Some important terminology in charitable trusts includes the term "corpus" (Latin for "body"), referring to the assets with which the trust is funded, and the term "donor," which is the person donating assets to a charity.

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Charitable trust in the context of Foundation (nonprofit)

A foundation (also referred to as a charitable foundation) is a type of nonprofit organization or charitable trust that usually provides funding and support to other charitable organizations through grants, while also potentially participating directly in charitable activities. Foundations encompass public charitable foundations, like community foundations, and private foundations, which are often endowed by an individual or family. Nevertheless, the term "foundation" might also be adopted by organizations not primarily engaged in public grantmaking.

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Charitable trust in the context of Trusteeship

Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, refers to anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also be a person who is allowed to do certain tasks but not able to gain income. Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government.

A trust can be set up either to benefit particular persons or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families) and a charitable trust. In all cases, the trustee may be a person or company, regardless of whether they are a prospective beneficiary.

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Charitable trust in the context of Waqf

A waqf (Arabic: وَقْف; [ˈwɑqf], plural awqāf أَوْقَاف), also called a ḥabs (حَبْس, plural ḥubūs حُبوس or aḥbās أَحْباس), or mortmain property, is an inalienable charitable endowment under Islamic law. It typically involves donating a building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. A charitable trust may hold the donated assets. The person making such donation is known as a waqif ('donor') who uses a mutawalli ('trustee') to manage the property in exchange for a share of the revenues it generates. A waqf allows the state to provide social services in accordance with Islamic law while contributing to the preservation of cultural and historical sites. Although the waqf system depended on several hadiths and presented elements similar to practices from pre-Islamic cultures, it seems that the specific full-fledged Islamic legal form of endowment called waqf dates from the 9th century CE (see § History and location below).

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Charitable trust in the context of Birmingham Museum and Art Gallery

Birmingham Museum and Art Gallery (BM&AG) is a museum and art gallery in Birmingham, England. It has a collection of international importance covering fine art, ceramics, metalwork, jewellery, natural history, archaeology, ethnography, local history and industrial history.

The museum/gallery is run by Birmingham Museums Trust, the largest independent museums trust in the United Kingdom, which also runs eight other museums around the city. Entrance to the Museum and Art Gallery is free, but some major exhibitions in the Gas Hall incur an entrance fee.

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Charitable trust in the context of List of wealthiest charitable foundations

This is a list of wealthiest charitable foundations worldwide. It consists of the 53 largest charitable foundations, private foundations engaged in philanthropy, and other charitable organizations such as charitable trusts that have disclosed their assets. In many countries, asset disclosure is not legally required or made public.

Only nonprofit foundations are included in this list. Organizations that are part of a larger company are excluded, such as holding companies.

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