Foundation Meaning

What is Foundation:

It is known as a foundation to the action or effect of founding, of instituting. Also, foundation refers to the set of works and works necessary to lay the foundations of a construction.

In the area of ​​architecture and construction, a foundation is the lower part of the walls or pillars, in direct contact with the ground and transmitting the loads it receives from the structure to it. In reference to this point, it is extremely important to settle on firm ground, which supports the weight of the entire construction and accidental loads, without settling.

In the area of ​​law, foundations are moral or collective persons that result from the constitution of a patrimony destined for disinterested, purely religious or mystical, charitable, educational, or any other of public utility, or public and private jointly.

The foundation can be formed by individuals or legal entities, either by an inter vivo act, or mortis causa (in a will). However, foundations are governed by the will of the founder, by the statutes established by him, taking into account the provisions of the legal system of each country on this matter.

Foundations are characterized by being a non-profit or non-profit organization, but this does not prevent it from engaging in a profit-making activity with the objective of obtaining funds to fulfill the social objective, strongly determined by the founder.

There are several foundations each with clear objectives, such as educational, cultural, sports, scientific, labor, as well as the protection of all those people who are at risk of social exclusion, and other services, animals, discriminated individuals, among others. that is relevant to the progression of society, and that helps to provide a better quality of life.

Based on the above, it is of utmost importance to name the most charitable and charitable foundation is the "Bill and Melena Gates Foundation", founded in 1994 with the name "H. Gates Foundation", and in 1999 with the name which is currently known. It collaborates with other organizations around the world with the aim of correcting fundamental problems in society, in aspects of health, poverty, education, with the intention of improving the quality of life of thousands of people, all over the world.

On the other hand, the term foundation is used in other contexts. In the case of literature, the science fiction "Foundation" saga, written by Isaac Asimov, constitutes a reflection on the future based on technological artifacts, especially the robots that condition social organization. On the other hand, the term Fundación is used as the name of several localities, in Colombia, the Dominican Republic, and in Tenerife it is the tram stop.

Association and foundation

The association and foundation have characteristics in common such as:

  • Both are constituted non-profit or non-profit.
  • There is a common goal in your organization for which you must work.
  • Both can carry out other activities outside that contribute to the end of the entity.

Now, in terms of their constitution they have certain differences:

AssociationFoundationGroup of people who decide to group together to achieve a common goal.Foundations are formed by the will of the founder.It is constituted with a minimum of 3 people.It is constituted with 1 or more founders.There must be a Board of Directors and a General Assembly.It has only one body, called the board of trustees.The managerial positions are designated in an Assembly (democratic operation).The board of trustees is chosen by the founder.

For more information, see the article association.

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