To establish a private foundation requires the following :
- Establish its purpose and its guidelines for making grants.
- Decide whether to structure it as a charitable trust or a non-profit organization.
- A private foundation must benefit the public in order for it to maintain its tax exempt status.
- Thorough records, tax returns and skilled employees must be part of the foundation.
- Must obtain an employer identification number and file organizing documents with the IRS.
- Must file necessary paperwork to obtain in-state tax exempt status.
- Must avoid individual organizations from accruing too many benefits.
- Must not allow insiders to accrue too many assets or too much income.
- May not get involved in political campaigns.
- Must limit their involvement with disqualified persons such as big contributors.
So, it looks like you may be engaged in wishful thinking.