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Tax Reform Act passed.

1969

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The act is a federal action to limit the extent of private foundations' giving power and to control the overuse of foundations as tax havens. With these reforms, restrictions that determine what percentage of a foundations' assets have to be given away annually are put into place. In addition, a limit is placed on the growth of a foundation's investments and profits. This is done in order to stop the use of foundations, particularly by corporations and wealthy families, for growing wealth without paying taxes. In these cases, foundations often give away some of their profit to the board and family members or dissolve the foundation once it reaches a certain size.

With the new reforms, foundation growth is controlled and rules about giving are established.