A foundation is a nonprofit organization, of private legal personality that is characterized by its general interest objectives in favor of a generic group of beneficiaries.

According to this definition, there should be a distinction made between three legal concepts that may appear to be similar: foundation, association and society. In a society or an association, the partners own a part of the corporate capital or assets.

Where as, in a foundation, the capital is the result of the heritage of the founders and cannot be recovered. Also noteworthy, is the particular legal regime governing the founding endowment; it is formed both by individuals, and corporations, whether public or private.

Foundations and non-profit organizations in Bolivia

Bolivia has a high number of foundations in different fields: agriculture, health, education, culture etc. Most of them work in the most remote regions of the country, most affected by poverty and unemployment.

The Progress Foundation is a nonprofit organization, created in Bolivia as an initiative thinking and working directly with Bolivians. The Foundation unites two diverse groups. On the one hand, Bolivian entrepreneurs, who are the investors, and on the other, the selected projects managed and operated by Bolivians. This logic is intended to engage citizens in the fight against poverty and inequality, exploiting and promoting the characteristics of all sectors that work with us, whether public or private.