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The term "philanthropic foundation" is correct and usable in written English.
You could use it to refer to a non-profit organization that is focused on doing charity work. For example, "The local philanthropic foundation held a fundraiser to help those affected by the natural disaster."
Exact(57)
Irina runs a philanthropic foundation that she started with her brother.
His mother, Maggi, was the breadwinner, working at a local philanthropic foundation.
He hired Davis's wife to work for Ralphs' philanthropic foundation, and he began holding events.
Campbell would later accept compensation in stock, which he deposited in his philanthropic foundation.
Mr. Romney met with Mr. Bloomberg at the headquarters of the mayor's philanthropic foundation on May 1.
Ford Foundation, American philanthropic foundation, established in 1936 with gifts and bequests from Henry Ford and his son, Edsel.
Mr. Olson, 63, a retired president of a philanthropic foundation, called the suit "unneighborly" and said it surprised him.
He has established a philanthropic foundation and donated money to some of the world's premier art institutions.
Similar(3)
A grant from the Edmond J. Safra Philanthropic Foundation will help finance the alliance.
I provide media assistance to the Edmond J. Safra Philanthropic Foundation and Mrs. Lily Safra.
His widow founded the Edmond J. Safra Philanthropic Foundation, which supports research seeking a cure for Parkinson's disease.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com