|
What is a 501 c3 organization? |
| Print |
|
E-mail
|
|
Written by Laura Salazar
|
|
Wednesday, 24 January 2007 |
|
501 (c) (3) organizations receive this status from the Internal Revenue Service. They must apply for status. At this time their organizational sturcture and activities are studied by the IRS. After a year long waiting period, the organization is given temporary 501 (c) (3) status. After three years of study and monitoring the organization's finances, the organization is given (or refused) full status as a 501 (c) (3) organization. Fabulous African Fabrics has passed all of these landmarks in 2004 and is able to function without paying taxes and to offer its donors tax exempt status for all donations.
|
