This was actually a pretty recent change from 2018. iirc it was actually Newman's Own that set the precedent for this: https://nonprofitquarterly.org/newmans-p

This was actually a pretty recent change from 2018. iirc it was actually Newman's Own that set the precedent for this: https://nonprofitquarterly.org/newmans-philanthropic-exception-now-law-will-consequences/ https://nonprofitquarterly.org/newmans-philanthropic-excepti... > Introduced in June of 2017, the act amends the Revenue Code to allow private foundations to take complete ownership of a for-profit corporation under certain circumstances: The business must be owned by the private foundation through 100 percent ownership of the voting stock. The business must be managed independently, meaning its board cannot be controlled by family members of the foundation’s founder or substantial donors to the foundation. All profits of the business must be distributed to the foundation.