Section 6033 of the Internal Revenue Code requires tax exempt organizations to file an annual report. Form 990 fulfills this requirement. Many citizens utilize the information from Form 990 to evaluate the non-profit organization they donate to annually. The 990 covers much of the information any citizen desires to know about the charity of their choice.
Foundation is a term used in the non-profit world to indicate an organization that pools funds to achieve certain missions. Often found in the medical and educational non-profit arena, contributions are pooled into groupings based on donor restrictions.