Kiplinger

So, You Want to Start a Foundation? Great!

For some business owners, the American dream is more than the freedom to achieve prosperity. To these entrepreneurs, it is the ability to have a real impact on individuals in meaningful ways. Often, they accomplish these goals by starting some kind of 501(c)(3) nonprofit, tax-exempt charitable organization.

That's what "Karl" wants to do:

"I am a Swedish-American from the small 'Swedish' town of Kingsburg, Calif. I am now living in a large Midwestern city, where I met and married my lovely wife, who is from the south of France.

"We want to create an educational foundation offering travel/study scholarships for high

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