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TYPES OF NON-PROFITS

  • Public Charities – ALL public charities MUST raise funds from the public. They receive MOST of their income from the general public or the government.  Public support must be broad rather than limited to a few people or families.


  • Private Foundation – Private foundations receive income from investments and endowments rather than the general public.  They use their income for grants to other nonprofits.


CATEGORIES OF NON-PROFITS

  • State Recognized ONLY – State recognized non-profits are organizations incorporated within their state.  Typically it is required to have articles of incorporation to register and become incorporated.


  • State and IRS Recognized – State and IRS Recognized non-profits organizations registered within their state as a non-profit incorporation and has filed and been approved as a 501c3 tax exempt organizations by the IRS.


QUALIFYING 501c3 TAX EXEMPT

  • Qualifying organizations to receive a 501c3 tax exempt are those who serve in the purpose of religious, charitable, educational, literary, testing for public safety, scientific fostering amateur sports competition, preventing cruelty to children or animals.


  • Example:  churches, schools, alumni associations, parent-teacher association, nursing homes, charitable hospitals, and chapters of the Red Cross or Salvation Army or Boys/Girls clubs.


REQUIREMENTS FOR 501c3 TAX EXEMPT

  • The organization and operation must ONLY be for exempt purposes.


  • The organization MUST not operate to benefit private interest.  The net earnings CANNOT benefit any private shareholder or individual.  Profits MUST support charitable purposes ONLY.


  • The organization is restricted in its political and lobbying activities.


IMPORTANT NOTE

If a non-profit shuts down, they MUST give its remaining assets to another charity.

 

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