What is a 501(c)3?

Answer

The term "501(c)3" refers to the most common type of nonprofit organization recognized by the IRS. According to About.com, this category embraces such diverse entities as old-age homes, charity hospitals, schools, churches and the Red Cross, among others. These organizations are exempt from taxation, and donations to them are generally tax deductible.

Groups organized under the 501(c)3 designation operate in the public interest and promote charitable, religious, educational and literary objectives. Sometimes they organize sporting events or testing for public safety. Community groups, such as boys' and girls' clubs, are typically registered as 501(c)3s, as reported by About.com.

The IRS has strict rules governing the organizing and subsequent conduct of 501(c)3 groups. According to its official information page, the IRS expects 501(c)3 entities to be organized and operated exclusively for recognized exempt purposes. Such groups may raise funds and receive grants, but excess net funds must not be allowed to inure to the advantage of any private interest or individual. If an individual having substantial influence over a 501(c)3 entity engages in an "excess-benefit transaction" by, for example, leasing the charity's land for private purposes at a steep discount, the IRS might impose an excise tax to ensure the integrity of institution.

Q&A Related to "What is a 501(c)3?"
501(c)3 is the tax code for a non-profit organization. If you DONATE (cars, money, property, etc) to a non-profit, you can use the recipt they give you for a tax deduction (if you
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There are books, many in fact, big, long complex ones addressing the many issues your Q leads to. I suspect that you really mean how does one qualify as a tax exempt organization
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If your organization has been in existence for more than 5 years then the IRS will give you a definitive determination letter that does not expire. For new organizations the IRS gives
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Answer 1. 501(c)3) refers to a nonprofit organization. It's the one most churches use to not have to pay taxes on contributions to the church. But just about anyone can get a 501(
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Ask.com Answer for: what is a 5013c
5013 cups equals 40,104 fluid ounces.
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