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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.IRS ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust (business)
A trust or corporate trust is a large grouping of business interests with significant market power, which may be embodied as a corporation or as a group of corporations that cooperate with one another in various ways. These ways can include constituting a trade association, owning stock in one another, constituting a corporate group (sometimes specifically a conglomerate (company), conglomerate), or combinations thereof. The term ''trust'' is often used in a historical sense to refer to monopoly, monopolies or near-monopolies in the United States during the Second Industrial Revolution in the 19th century and early 20th century. The use of corporate trusts during this period is the historical reason for the name "United States antitrust law, antitrust law". In the broader sense of the term, relating to trust law, a trust is a legal arrangement based on principles developed and recognised over centuries in English law, specifically in Equity (law), equity, by which one party convey ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Matching Funds
Matching funds are funds that are set to be paid in proportion to funds available from other sources. Matching fund payments usually arise in situations of charity or public good. The terms cost sharing, in-kind, and matching can be used interchangeably but refer to different types of donations. Concept In philanthropic giving, foundations and corporations often give money to non-profit entities in the form of a matching gift. Corporate matches often take the form of employee matching gifts, which means that if an employee donates to a nonprofit, the employee's corporation will donate money to the same nonprofit according to a predetermined match ratio (usually 1:1). For foundations, a matching gift is a grant made directly to a nonprofit on the condition that the nonprofit raises a set quantity of money before the grant is bestowed. The benefit of foundation matching grants is that they provide greater incentive leverage when a nonprofit is fundraising from its constituenc ... [...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 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 the pur ... [...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. It is the product of the February 2019 merger of GuideStar with Foundation Center. The organization 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 Formation–1997 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 funds go where the donor intended for individuals looking to give in the wake of disasters. Guidestar was founded by Arthur "Buzz" Schmidt in Williamsburg, Virginia ... [...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 (IRS) form that provides the public with information about a nonprofit organization. It is also used by government agencies to prevent organizations from abusing their tax-exempt status. Some nonprofits, such as hospitals and other healthcare organizations, have more comprehensive reporting requirements. Variants Form 990-EZ A variant of Form 990 called Form 990-EZ ("Short Form Return of Organization Exempt From Income Tax") can, with some exceptions, be used instead of Form 990 by organizations with gross receipts less than $200,000 and total assets less than $500,000. Form 990-N Small organizations whose annual gross receipts are "normally $50,000 or less" may file the electronic Form 990-N (officially, "Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990EZ") instead of the Form 990. There is no paper form for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Reform Act Of 1969
The Tax Reform Act of 1969 () was a United States federal tax law signed by President Richard Nixon oDecember 30, 1969 Its largest impact was creating the Alternative Minimum Tax, which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions. It also established individual and corporate minimum taxes and a new tax schedule for single taxpayers. The Act slightly increased standard deductions and personal exemptions and created more stringent requirements on nonprofit organizations, which many argue drove them to professionalization. One requirement in the law was that foundations were unable to control a private company and was created the distinction between public charities and private foundations. Associate Professor of Law Philip Hackney said Congress "revamped the tax rules to force charitable foundations created and controlled by the wealthy to pay out charitable dollars annually and avoid self-dealin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Concurrent Jurisdiction
Concurrent jurisdiction exists where two or more courts from different systems simultaneously have jurisdiction over a specific case. United States In the United States, state courts are presumed to have concurrent jurisdiction in federal matters, unless explicitly stated otherwise in the U.S. Constitution or in the particular federal statutory provision in issue. Concurrent jurisdiction also exists to the extent that the United States Constitution permits federal courts to hear actions that can also be heard by state courts. For example, when a party from Alabama sues a party from Florida for a breach of contract, the Alabama party can sue in an Alabama state court to the extent the defendant submits to jurisdiction, or federal court (under federal diversity jurisdiction), or in the state court located in Florida (under its personal jurisdiction over the defendant). Concurrent jurisdiction in the United States can also exist between different levels of state courts, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Court Of Federal Claims
The United States Court of Federal Claims (in case citations, Fed. Cl. or C.F.C.) is a United States federal courts, United States federal court that hears monetary claims against the Federal government of the United States, U.S. government. It was established by statute in 1982 as the United States Claims Court, and took its current name in 1992. The court is the successor to trial division of the United States Court of Claims, which was established in 1855. The courthouse of the Court of Federal Claims is situated in the Howard T. Markey National Courts Building (on Madison Place across from the White House) in Washington, D.C., but, for convenience, cases may be heard elsewhere in the country. History Court of Claims (1855–1982) The court traces its origins directly back to 1855, when Congress established the United States Court of Claims to provide for the determination of private claims against the United States government. The legislation was signed into law on Fe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States District Court For The District Of Columbia
The United States District Court for the District of Columbia (in case citations, D.D.C.) is a United States district court, federal district court in Washington, D.C. Along with the United States District Court for the District of Hawaii and the High Court of American Samoa, it also sometimes handles Federal government of the United States, federal issues that arise in the territory of American Samoa, which has no local federal court or United States territorial court, territorial court.https://www.gao.gov/products/GAO-08-1124T U.S. Government Accountability Office. AMERICAN SAMOA: Issues Associated with Some Federal Court Options. September 18, 2008. Retrieved September 7, 2019. Appeals from the District Court are taken to the United States Court of Appeals for the District of Columbia Circuit except for patent claims and claims against the U.S. government under the Tucker Act, which are appealed to the United States Court of Appeals for the Federal Circuit, Federal Circuit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Tax Court
The United States Tax Court (in case citations, T.C.) is a Federal judiciary of the United States, federal trial court court of record, of record established by US Congress, Congress under Article One of the United States Constitution, Article I of the Constitution of the United States, U.S. Constitution, section 8 of which provides (in part) that the Congress has the power to "constitute Tribunals inferior to the supreme Court". The Tax Court specializes in adjudicating disputes over federal income tax, generally prior to the time at which formal tax assessments are made by the Internal Revenue Service. Though taxpayers may choose to litigation, litigate tax matters in a variety of legal settings, outside of Bankruptcy in the United States, bankruptcy, the Tax Court is the only forum in which taxpayers may do so without having first paid the disputed tax in full. Parties who contest the imposition of a tax may also bring an action in any United States District Court, or in the ... [...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 31, 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 April 30, 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 The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
