501(c)(3)
Charity's legal designation
A 501(c)(3) is a tax-exempt nonprofit organization under U.S. federal law, named for the section of the Internal Revenue Code that defines it.
These include charities, religious organizations, and educational institutions.
Donations to 501(c)(3)s are tax-deductible for donors: She works for a 501(c)(3) that provides meals to the homeless.
The designation has become shorthand for any legitimate charitable organization.
Free from taxation
- nonprofitOrganization serving public good
- IRSFederal tax collector
- tax-deductibleSubtractable from taxable income
- charitableGiving to those needing
incorporation · articles · bylaws · public charity · private foundation · exemption · compliance · dissolution
Voluntary aid for others
- foundationUnderlying support structure
- nonprofit organizationMission-focused entity, not profit-seeking
- mission statementFormal declaration of purpose
- board of directorsGoverning body of organization
executive director · donors · fundraising · grants · endowment · volunteer · programs · beneficiaries
Voluntary charitable gift
- tax deductionPermitted income reduction
- contributionSomething given to help
- grant fundingAllocated institutional support
- charitable givingDonating to help others
in-kind donation · matching gift · capital campaign · annual fund · overhead · transparency · audit · accountability
tax-exempt
Free from taxation
- nonprofitOrganization serving public good
- IRSFederal tax collector
- tax-deductibleSubtractable from taxable income
charitable · incorporation · articles · bylaws · public charity · private foundation · exemption · compliance · dissolution · inurement
charity
Voluntary aid for others
- foundationUnderlying support structure
- nonprofit organizationMission-focused entity, not profit-seeking
- mission statementFormal declaration of purpose
board of directors · executive director · donors · fundraising · grants · endowment · volunteer · programs · beneficiaries · community benefit
donation
Voluntary charitable gift
- tax deductionPermitted income reduction
- contributionSomething given to help
- grant fundingAllocated institutional support
charitable giving · in-kind donation · matching gift · capital campaign · annual fund · overhead · transparency · audit · accountability · stewardship
- nonprofitscharity shop, charity organizations, nonprofit, nonprofits, charities
- nonprofit accountingtax-exempt, tax exemption, charitable giving, in-kind donations, in-kind gifts
- nonprofit lawcharitable trust, tax exemption, public charity, private foundation, nonprofit status
- philanthropydonations, charity work, donate, give, giving
- community theatercommunity theater, regional theater, repertory company, volunteer actors, artistic director
501(c)(3)LLC
Hybrid business entity abbreviation
commercial enterprise · partnership · sole proprietorship · private equity firm · hedge fund