For the next several weeks, I will be working through the proposal development process. I think it is first important to begin, well, at the beginning.
Nonprofit status can determine if and how you can apply for grant funding, federal or otherwise.
501 (c)(3) Charities: are charities under Section 501 (c)(3) of the tax code. Exemption status is given to charities that:
1. serve charitable, religious, scientific or educational purposes
2. ensure that no part of the income generated by the organization goes to the benefit of any one person
Donations to these charities ARE tax deductible.
501 (c)(4) Social Welfare Organizations: often called advocacy organizations; these groups are also exempt under Section 501 (c)(4) and given more lenient restrictions to lobby and take part in advocacy activities. Donations to these organizations are NOT tax deductible.
For more information, visit www.irs.gov/charities
Thursday: Types of Foundations
~Cheers!
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