Let me tell you where you may find a few info about it:

http://www.irs.gov/charities/charitable/article/0,,id=127912,00.html

In there, it answers some of your question:

What type of foundation do you want to setup?

Types of Foundations

In general, a private foundation is any section 501(c)(3) organization that does not fall into one of the categories specifically excluded from the definition of that term. Some tax law provisions apply to all private foundations. Others, however, are more narrowly focused on particular types of private foundations. Moreover, special rules apply to certain private foundations, and to organizations that are not private foundations and certain non-exempt entities.

For tax purposes, it may be necessary to distinguish between the following types of foundations:

Private operating foundations

Exempt operating foundations

Grant-making foundations

Determinations of private foundation status. Every organization that qualifies for exemption under Code section 501(c)(3) is a private foundation unless it falls into one of the categories specifically excluded from the definition of that term (“public charities”). A private operating foundation may claim that status when it applies for recognition of exemption by completing Part X of Form 1023.

Charitable Trusts

A charitable trust de­scribed in Internal Revenue Code section 4947(a)(1) is a trust that is not tax exempt, all of the unexpired interests of which are devoted to one or more charitable purposes, and for which a charitable contribu­tion deduction was allowed under a specific sec­tion of the Internal Revenue Code. A charitable trust is treated as a private foundation unless it meets the requirements for one of the exclu­sions that classifies it as a public charity. Thus, it is subject to the private foundation excise tax provisions described in this publication and the other provisions that apply to exempt private foundations, including termination requirements and governing instrument requirements. How­ever, a charitable trust is not treated as a chari­table organization for purposes of exemption from tax. Accordingly, the trust is subject to the excise tax on its investment income under the rules that apply to taxable foundations rather than those that apply to tax-exempt foundations.

For purposes of the organizational test, when a charitable trust seeks exemption from tax as a charitable organization, the trust is considered organized on the day it first becomes subject to section 4947(a)(1). Generally, for pur­poses of the special and transitional rules for excise taxes discussed in this publication, a charitable trust will be considered organized on the first day it has amounts in trust for which a deduction was allowed under the Internal Reve­nue Code. Under this rule, a trust may be treated as a private foundation in existence on a date governing one of the applicable special and transitional rules even though the trust did not otherwise become subject to the provisions that apply to private foundations until a later date.

Scope of provisions regarding charitable trusts. These provisions apply to nonexempt trusts in which all unexpired interests are chari­table.

An estate from which the executor or admin­istrator is required to distribute all of the net assets in trust to charitable beneficiaries will not be considered a charitable trust during the pe­riod of estate administration or settlement ex­cept for the conditions discussed in the next paragraph. A charitable trust created by a will is considered a charitable trust as of the date of death of the decedent-grantor. However, a revo­cable trust that becomes irrevocable upon the death of the decedent-grantor, or a trust created by will from which the trustee is required to distribute all of the net assets for, or free of trust to, charitable beneficiaries, is not considered a charitable trust for a reasonable period of settle­ment after becoming irrevocable. After that period, the trust is considered a chari­table trust.

http://www.irs.gov/charities/foundations/article/0,,id=137032,00.html