The IRS has a laundry list of rules for the operation of 501(c)(3)s, but some of the most important are:501(c)(3) IRS Rules Made Easy
IRS Rules for 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.
The biggest requirement for maintaining 501(c)(3) status is to always be run and perate as a nonprofit and to not engage in political lobying or activity.
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 apply for 501(c)(3) status, an organization must submit Form 1023 or the shorter Form 1024. Additionally, an application fee of $850 must be paid by the organization.
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.