community foundation - a nonprofit organization established in a community to accept charitable contributions and make grants to benefit the community SOURCE: National Standards for Community Foundations A community foundation is a tax-exempt, nonprofit, autonomous, publicly supported, nonsectarian philanthropic institution with a long-term goal of building permanent, named component funds established by many separate donors to carry out their charitable interests and for the broad-based charitable interest of and for the benefit of residents of a defined geographic area. >> FUND RAISING, PHILANTHROPY, PRIVATE FOUNDATIONS