Charity is basically a nonprofit organization which is solely created for the purpose of serving the society. The basic rules and regulations of the charity differ from each country.
Sometimes it varies with the specific region in the country also. The charitable organization has the opportunity of receiving charity grants through any donators.
Most of the rich people in the society donate funds to charity or donate orphanage with two main aims.
One is to help the needy people because they believe that funds are donated to charitable organizations and for that reason charity funds would be utilized properly.
Secondly they also feel that their donated funds would reach the right person while availing them some tax benefits.
There are different types of charitable organizations available in the world. People can donate to any specific organization which they are interested in.
There are separate nonprofit organizations as follows.
1. Educational charity organizations
2. Charity organizations for providing food to needy people
3. Charity organizations for cancer patients, AIDS patients, Autistic children, similarly for many other problems
4. Charity for helping handicapped people
There are many such similar charitable organizations. They receive charity grants from many other organizations.
The charitable organizations are liable to many financial figures such as tax refund, revenue from investments, and revenue from tax saving etc. The organization should maintain clear papers and charity grants should be properly accounted and maintained.
The purpose of forming the charitable organization should be viable. In many countries people just open a charitable organization to maintain their substantial financial growth because funds deposited in any charitable organization is subjected to tax exemption.
This is the main reason why most of the people who are rich start a charity organization or donate charity funding to such organizations.
You also plan and start a good charity funding or charity grants organization which keeps you as well as others happy in this precious life.