501(c)(3)

501(c)(3)

501(c)(3) exemptions apply to corporations, and any community chest, fund, cooperating association or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational purposes, to foster national or international amateur sports competition, promote the arts, or for the prevention of cruelty to children or animals.^[7][8]

501(c) Types

According to the IRS Publication 557, in the Organization Reference Chart section, the following is an exact list of 501(c) organization types and their corresponding descriptions.^[1]

• 501(c)(1) — Corporations Organized Under Act of Congress (including Federal Credit Unions)
• 501(c)(2) — Title Holding Corporation for Exempt Organization
• 501(c)(3) — Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations
• 501(c)(4) — Civic Leagues, Social Welfare Organizations, and Local Associations of Employees

501(c)

Colloquially, a 501(c) organization or simply "a 501(c)" is an American tax-exempt, nonprofit corporation or association. Section 501(c) of the United States Internal Revenue Code (26 U.S.C. § 501(c)), provides that 28 types of nonprofit organizations are exempt from some federal income taxes. Sections 503 through 505 set out the requirements for attaining such exemptions. Many states refer to Section 501(c) for definitions of organizations exempt from state taxation as well.

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