A private foundation is a type of nonprofit organization that is typically funded by an individual, family, or corporation. These foundations primarily distribute grants to support charitable activities, research, and community projects. Unlike public charities, private foundations usually do not solicit donations from the general public. Private foundations are governed by specific regulations and must adhere to rules set by the Internal Revenue Service (IRS). They are required to distribute a certain percentage of their assets each year for charitable purposes. This ensures that the foundation actively contributes to society and fulfills its philanthropic mission.