Foundations may be tax-exempt under Section 501(c)(3) of the U.S. Internal Revenue Code upon a finding that they exist for one or more exclusively charitable purposes. Donations to most types of 501(c)(3) organizations are tax deductible under IRS regulations. Foundations may also receive funding from other foundations offering grants or other funding opportunities, and in certain situations may provide revenue for chambers to pursue goals aligned with the foundation’s mission.
Many chambers have started foundations with 501(c)(3) tax status to support their communities. Some of the most active chamber foundations have a few things in common: