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501(c)(3) Public Charity
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How it works: Public charities are what most people recognize as those organizations with active programs. Examples include churches, benevolence organizations, animal welfare agencies, educational organizations, etc. They usually receive a substantial portion of its revenue from the general public or from government.
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501(c)(3) Public Charity Benefits:
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Liability Protection: The indemnification clause in a 501(c)(3)’s articles of incorporation protects board members of a nonprofit from personal liability around concepts like organizational debt.
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Solicitation of Donations: Without your 501(c)(3) status, you are allowed to solicit donations legally from individuals, organizations and foundations.
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Higher Donor Attraction: Because your nonprofit undergoes government scrutiny to ensure its legitimacy and purpose, donors are more likely to view your organization as credible and worthy of their funds. In addition, they may get a tax deduction for their donation.
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Federal and State Tax Exemption: Donors who give money to the organization may be able to deduct the donations on their tax returns. In addition, the organization itself is exempt from federal and state taxes.
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More Funding Options: As a 501(c)(3), your organization can apply for government and foundation grants.
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Discounts: Nonprofits use many tools for running their daily programs, such as social media marketing and customer relationship management (CRM) software. As a 501(c)(3), you can often receive discounts on such tools.
Setting up a 501(c)(3) nonprofit can be complicated and time-consuming. The process is likely to go more smoothly by using our team of seasoned attorneys.
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The information contained on this page is intended to help small entities comply with the beneficial ownership information reporting rule promulgated by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). * This page is explanatory only and does not supplement or modify any obligations imposed by statute or regulation. Additionally, this page does not supersede more recent guidance documents issued by FinCEN. For additional information, consult The Reporting Rule, which implements Section 6403 of the Corporate Transparency Act. The rule describes who must file a BOI report, what information they must provide, and when they must file the reports. The Reporting Rule is found at 1010.380 in title 31 of the Code of Federal Regulations (CFR).
The information contained on this page is intended to help small entities comply with the beneficial ownership information reporting rule promulgated by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). * This page is explanatory only and does not supplement or modify any obligations imposed by statute or regulation. Additionally, this page does not supersede more recent guidance documents issued by FinCEN. For additional information, consult The Reporting Rule, which implements Section 6403 of the Corporate Transparency Act. The rule describes who must file a BOI report, what information they must provide, and when they must file the reports. The Reporting Rule is found at 1010.380 in title 31 of the Code of Federal Regulations (CFR).