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501(c)(3)
A 501(c)(3) organization is a United States corporation, trust, unincorporated association or other type of organization exempt from federal income tax under section 501(c)(3) of Title 26 of the United States Code. It is one of the 29 types of 501(c) nonprofit organizations in the US. 501(c)(3) tax-exemptions apply to entities that are organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, for testing for public safety, to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals. 501(c)(3) exemption applies also for any non-incorporated community chest, fund, cooperating association or foundation organized and operated exclusively for those purposes. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
501(c) Organization
A 501(c) organization is a nonprofit organization in the federal law of the United States according to Internal Revenue Code (26 U.S.C. § 501(c)) and is one of over 29 types of nonprofit organizations exempt from some federal income taxes. Sections 503 through 505 set out the requirements for obtaining such exemptions. Many states refer to Section 501(c) for definitions of organizations exempt from state taxation as well. 501(c) organizations can receive unlimited contributions from individuals, corporations, and unions. For example, a nonprofit organization may be tax-exempt under section 501(c)(3) if its primary activities are charitable, religious, educational, scientific, literary, testing for public safety, fostering amateur sports competition, or preventing cruelty to children or animals. Types According to the IRS Publication 557, in the ''Organization Reference Chart'' section, the following is an exact list of 501(c) organization types and their corresponding ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Johnson Amendment
The Johnson Amendment is a provision in the U.S. tax code, since 1954, that prohibits all 501(c)(3) non-profit organizations from endorsing or opposing political candidates. Section 501(c)(3) organizations are the most common type of nonprofit organization in the United States, ranging from charitable foundations to universities and churches. The amendment is named for then-Senator Lyndon B. Johnson of Texas, who introduced it in a preliminary draft of the law in July 1954. In the early 21st century, some politicians, including former President Donald Trump, have sought to repeal the provision, arguing that it restricts the free speech rights of churches and other religious groups. These efforts have been criticized because churches have fewer reporting requirements than other non-profit organizations, and because it would effectively make political contributions tax-deductible. On May 4, 2017, Trump signed an executive order "to defend the freedom of religion and speech" for th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form 1023
Form 1023 is a United States IRS tax form, also known as the Application for Recognition of Exemption Under 501(c)(3) of the Internal Revenue Code. It is filed by nonprofits to get exemption status. On January 31st of 2020, the IRS abandoned the paper format of the form 1023. Those who used the paper version were given 90 days grace period and that ended on 30th of April 2020. Going forward, every application has to be filed online througPay.govportal. Eligibility * The IRS specifies certain types of organizations that are exempt from federal income tax. The most common types are charitable, religious and educational organizations, civic associations, labor organizations, business leagues, social clubs, fraternal organizations, and veterans’ organizations. The following organizations are eligible to file Form 1023 under section 501(c)(3) of the Internal Revenue Code: * Religious or charitable organizations * Scientific organizations and organizations that test for public s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charitable Organization
A charitable organization or charity is an organization whose primary objectives are philanthropy and social well-being (e.g. educational, religious or other activities serving the public interest or common good). The legal definition of a charitable organization (and of charity) varies between countries and in some instances regions of the country. The regulation, the tax treatment, and the way in which charity law affects charitable organizations also vary. Charitable organizations may not use any of their funds to profit individual persons or entities. (However, some charitable organizations have come under scrutiny for spending a disproportionate amount of their income to pay the salaries of their leadership). Financial figures (e.g. tax refund, revenue from fundraising, revenue from sale of goods and services or revenue from investment) are indicators to assess the financial sustainability of a charity, especially to charity evaluators. This information can impact a c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guidestar
Candid is an information service specializing in reporting on U.S. nonprofit companies. In 2016, its database provided information on 2.5 million organizations.Wyland, Michael. "GuideStar Introduces Program Metrics Section for Nonprofit Profiles." Non Profit News For Nonprofit Organizations , Nonprofit Quarterly. N.p., May 11, 2016. Web. April 3, 2017. It is the product of the February 2019 merger of GuideStar with Foundation Center. It maintains comprehensive databases on grantmakers and their grants; issues a wide variety of print, electronic, and online information resources; conducts and publishes research on trends in foundation growth, giving, and practice; and offers education and training programs. History GuideStar GuideStar was one of the first central sources of information on U.S. nonprofits and is the world's largest source of information about nonprofit organizations. GuideStar also serves to verify that a recipient organization is established and that donated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GuideStar
Candid is an information service specializing in reporting on U.S. nonprofit companies. In 2016, its database provided information on 2.5 million organizations.Wyland, Michael. "GuideStar Introduces Program Metrics Section for Nonprofit Profiles." Non Profit News For Nonprofit Organizations , Nonprofit Quarterly. N.p., May 11, 2016. Web. April 3, 2017. It is the product of the February 2019 merger of GuideStar with Foundation Center. It maintains comprehensive databases on grantmakers and their grants; issues a wide variety of print, electronic, and online information resources; conducts and publishes research on trends in foundation growth, giving, and practice; and offers education and training programs. History GuideStar GuideStar was one of the first central sources of information on U.S. nonprofits and is the world's largest source of information about nonprofit organizations. GuideStar also serves to verify that a recipient organization is established and that donated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form 990
Form 990 (officially, the "Return of Organization Exempt From Income Tax") is a United States Internal Revenue Service form that provides the public with financial information about a nonprofit organization. It is often the only source of such information. It is also used by government agencies to prevent organizations from abusing their tax-exempt status. Certain nonprofits have more comprehensive reporting requirements, such as hospitals and other health care organizations (Schedule H). Variants Form 990-EZ There is a variant of Form 990 called Form 990-EZ ("Short Form Return of Organization Exempt From Income Tax"). This form can be used instead of Form 990 for organizations with gross receipts less than $200,000 and total assets less than $500,000 (there are some exceptions). Form 990-N Small organizations whose annual gross receipts are "normally $50,000 or less" must file the electronic Form 990-N (officially, "Electronic Notice (e-Postcard) for Tax-Exempt Organizations N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not separately organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Foundation (United States)
Until 1969, the term ''private foundation'' was not defined in the United States Internal Revenue Code. Since then, every U.S. charity that qualifies under Section 501(c)(3) of the Internal Revenue Service Code as tax-exempt is a "private foundation" unless it demonstrates to the IRS that it falls into another category such as public charity. Unlike nonprofit corporations classified as a public charity, private foundations in the United States are subject to a 1.39% excise tax or endowment tax on any net investment income. The US-based Foundation Center uses a more specific definition of private foundation which hinges in part on the existence of an endowment: a private foundation is a nongovernmental, nonprofit organization, which has a principal fund managed by its own trustees or directors. Hopkins (2013) listed four characteristics that make up a private foundation, also including an endowment as a condition for private foundations: * It is a charitable organization and thus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cooperating Associations
Cooperating Associations, also known as ''interpretive associations'' or ''natural history associations'', support the interpretive, educational and scientific programs and services of governmental land management agencies such as the National Park Service, USDA Forest Service, US Fish and Wildlife Service, Bureau of Land Management, US Army Corps of Engineers, or state park departments. Associations assist in the production of site-specific products, distribute educational and scientific publications produced by agencies, donate materials for use in interpretive programs and exhibits, and work to secure grants and funding. This is accomplished through bookstore sales, membership support, publication and product development, research funding, and other educational programs and activities. They must hold a federally tax-exempt, not-for-profit status under Section 501(c)(3) of the Internal Revenue Code. Purpose Cooperating associations recognize the public as an important resource f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charitable Contribution Deductions In The United States
Charitable contribution deductions for United States Federal Income Tax purposes are defined in section 170(c) of the Internal Revenue Code as contributions to or for the use of certain nonprofit enterprises. Exclusions of certain amounts from deduction Certain portions of the market value of non-cash donations, such as short-term capital gains, are made non-deductible by I.R.C. 170(e)(1)(A). Organization eligibility An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows: * Synagogues, churches and other religious organizations; *A fraternal order or lodge *An organization of war veterans *Any level of government if the contribution is made for exclusively public purposes *An organiza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nonprofit Organization
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that operates as a business aiming to generate a Profit (accounting), profit for its owners. A nonprofit is subject to the non-distribution constraint: any revenues that exceed expenses must be committed to the organization's purpose, not taken by private parties. An array of organizations are nonprofit, including some political organizations, schools, business associations, churches, social clubs, and consumer cooperatives. Nonprofit entities may seek approval from governments to be Tax exemption, tax-exempt, and some may also qualify to receive tax-deductible contributions, but an entity may incorporate as a nonprofit entity without securing tax-exempt status. Key aspects of nonprofits are accountability, trustworth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
