The long recoil from regulation - Private philanthropic foundations and the tax reform act of 1969

The Tax Reform Act of 1969 (TRA 1969) imposed the first real set of regulations on private philanthropic foundations. The effect of these regulations has been profound, long lasting, and for the most part, entirely unintended. TRA 1969 ultimately pushed foundations to mount a strategic defense for the field, a strategy that has included professionalizing foundation staffs, changing grantmaking practices, and forming a powerful national association Philanthropy's ongoing quest for legitimacy and public acceptance following TRA 1969-not the provisions of the regulations themselves-has created a new set of pressing management challenges that the foundation field must now address.