id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1795	Xia, Edward	Can the L3C Spur Private Foundation Program-Related Investment?	2013	39	.pdf	application/pdf	13691	746	58	[Vol. 2013 PRIs, and the laws and regulations surrounding them, were developed in the 1960s when the concept of social enterprise was very limited.81 For the most part, the IRS and private foundations envisaged PRIs as making capital investments in job-creating ventures in inner cities; when these urban ventures became economically viable and capable of attracting market capital, private foundations would withdraw their investments.82 Today, even though PRIs can be very useful for a wide variety of social enterprises, many private foundations are not aware of the breadth of their possible use. They point out that the main value-add of the L3C is the dovetailing of L3C language with PRI language, which facilitates increased PRI by foundations.9 0 L3C advocates claim that because L3C legislation was written in such a way as to comply with all PRI regulations, the structure eliminates the need for private letter rulings or legal opinions for foundation investment in L3Cs.	cache/cblr-1795.pdf	txt/cblr-1795.txt