501(c)(3) organization
A 501(c)(3) organization is a type of non-profit organization in the United States that is exempt from federal income tax. It is named after its corresponding section of the United States Internal Revenue Code.
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It is named after its corresponding section of the United States Internal Revenue Code. To qualify for this status, an organization must be organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to animals or children. This tax-exempt status allows 501(c)(3) organizations to receive tax-deductible donations from individuals and corporations. Additionally, they may be eligible for various government grants and other benefits. The Wikipedia page on 501(c)(3) organizations provides detailed information about the requirements, benefits, and limitations of this tax-exempt status. It also explains the application process, reporting obligations, and the various activities that are permitted and restricted for these organizations.