Which of the following is not a type of foundation in the ICOC classification?

The correct answer is that a family foundation is not classified under the ICOC (Institutional Classification of Organizations and Charities) classification system. The ICOC categorizes foundations into types based on their operational structures and funding sources.

Community foundations, operating foundations, and independent foundations are all distinct types recognized within the ICOC framework. Community foundations are typically established to serve a specific geographical community and provide grants to local organizations. Operating foundations primarily conduct their own charitable programs, rather than merely distributing funds to other charitable entities. Independent foundations operate independently of any specific organization or government body and are usually endowed by a single source, which can be an individual, family, or corporation.

In contrast, family foundations are not a separate classified type within the ICOC because they represent a specific funding structure rather than an operational or organizational category. Family foundations are typically established by families to manage their philanthropic activities and grant-making; they often fit under independent foundations, as they operate based on the direction of the family involved. Thus, the classification system does not designate family foundations as a distinct type within the ICOC classification.