Legal analysis: It is generally illegal. This belongs to the organization and supervision of private fund-raising, and the filing at the next higher level is legal, otherwise it is the same as illegal fund-raising. Because the articles of association and other materials are registered with the local civil affairs bureau, not to mention the management of other departments of the company, and the account can only be opened after obtaining legal qualifications. After the establishment, the financial department can't manage it. The state's supervision of finance and finance is very strict. Only by filing with the banking regulatory bureau and the civil affairs bureau at the next higher level can it be established and raised. But to set up a fund management team, which must be reflected in the establishment materials.

Legal basis: Article 8 of the Regulations on the Administration of Foundations shall meet the following conditions:

(1) Established for a specific public welfare purpose;

(2) The original fund of the national public offering foundation is not less than 8 million yuan, the original fund of the local public offering foundation is not less than 4 million yuan, and the original fund of the non-public offering foundation is not less than 2 million yuan; The original funds must be the received monetary funds.

(3) Having a standardized name, articles of association, organizational structure and full-time personnel suitable for its activities;

(4) Having a fixed residence.

(5) Being able to bear civil liability independently.