A 501(c)(3) may be a corporation, but it may also be a trust, unincorporated association, or any other organization. 501(c)(3) status only means that the organization is exempt from federal income taxes. While not all organizations qualify, there are a wide variety that fall under that umbrella.Can a 501(c)(3) Be a Corporation?
501(c)(3) Corporation FAQs
A 501(c)(3) organization is a non-profit organization with tax exempt status that is dedicated to the general well-being of society.
501(c)(3) status only means that the organization is exempt from federal income taxes.
A 501(c)(3) organization is tax exempt so long as it remains true to its stated mission and remains compliant with the IRS.
501(c)(3) is the internal revenue code (IRC) section for organizations with tax exempt status. 501(c)(3) falls under internal revenue code 501(c).
To be eligible for 501(c)(3) status, the organization must meet certain criteria set forth by the IRS, including being organized and operated exclusively for charitable, educational, religious, scientific or literary purposes; not engaging in political or legislative activities; and not directly or indirectly participating in any electioneering activities.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.