Modern Day Meaning of Charity
:-
Organizations created for the
purpose of philanthropic ( bighearted
) rather than financial search .
A charity is a group designed
to benefit society or a specific group of people . Its purpose may
be educational , humanitarian , health or religious . A charity goes
beyond giving relief to the needy , extending to the promotion of
happiness , peace and the support of many worthy causes
.
The law favors charities
because they promote goodwill , service , aid and lessen the
government's load . They are therefore ordinarily exempt from paying
property taxes .
A charitable gift
is something that is donated
by an individual or organization
with the intent to benefit the public or some section
of it as a whole . It is meant for use by an many number of
people .
Similarly , charitable trusts
or public trusts
are trusts of religious , political , or general social
interests , or for the relief of poverty or the advancement of
education , health .
Charities are usually
supported by gifts from donors and Government have set forth laws
controlling the manner in which funds relating to charities . In
addition , the state will generally require charities to unveil
their financial structure and condition .
Charitable
corporations are non profit corporations
that have been created to minister to the physical needs of the
needy or to advance a particular goal , such as the aid of a
particular religious group or country . In order to receive a tax -
exempt status , such organizations must meet certain criteria
.
Usually
,
charitable corporations have no capital
and they obtain their funds primarily from private and public
charity . These funds are held in trust to serve the charitable
objects of the institutions .
Religious
organizations
are also
considered to be charitable
societies . Religious organization collect donation from the
public and develop religious
culture among the public .
While
some charities may charge a nominal fee for some of their services
and still be considered charitable societies , they are organized
primarily for the public good and not for profit .