To create a 501(c)(3), you must apply with the IRS. There are two forms, form 1023 and form 1023-EZ, available to be filled electronically. The full form costs $600 to file; the shorter, available to smaller organizations, costs $275. You can check eligibility requirements on the IRS website.Creating a 501(c)(3)
Creating a 501(c)(3) 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.
To create a 501(c)(3), you must apply with the IRS. The full form costs $600 to file; the shorter, available to smaller organizations, costs $275. You can check eligibility requirements on the IRS website.
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).
A 501(c)(3) organization is eligible to receive tax-deductible donations from individuals, businesses, and foundations. Additionally, 501(c)(3) organizations have access to certain types of grants and other funding sources that are not available to other types of organizations.
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.
