It is the form of water soluble vitamin B.  Foliate is a naturally accruing form of the vitamin found in food.  While folic acid is synthetically produced and used in fortified foods and supplements.

Folic acid is for conditions commonly associated with folic acid deficiency including ulcerative colitis, alcoholism and kidney dialysis.
Food that are naturally high in folic acid are leafy vegetable (lettuce, spinach, broccoli, cauliflowers), okra, fruits (melons, lemons and bananas, yeast, beans, mushroom, meat ( beef liver and kidney) orange juice and tomato juice.

It is likely safe for most people. Most adults don't experience any side effects when consuming the recommended amount each day, which is 400 mcg.  High doses may cause abdominal  cramps, diarrhea, rash, sleep disorders, irritability, nausea, confusion, behavior changes, skin reactions, seizures, gas, excitability and so on taking folic acid in doses of 800 – 1200 mcg might increase the rate of heart attacks in people with heart problems.  Taking these high doses may  also increase the risk of cancer such as lung or prostate cancer.