An organization must maintain the purpose that it has previously reported to the IRS, such as that its mission is to help less privileged individuals gain access to a college education. The 501(c)(3) organization must first notify the IRS of its change of operations if it decides to engage...
Must we keep every child who attempts to join our organization regardless of ability and behavior? ByTMallette— On May 08, 2007 My question is about the tax exempt status of the 501c3. We lease a space to a corporation that is a 501c3. Under the lease, they are responsible for additi...
Many nonprofits that are covered by Section 501(c) of the Internal Revenue Code are 501(c)(3) organizations. This is the most common type of organization, and it can be a charitable nonprofit, a public nonprofit, or simply a charity. Many of these organizations receive an exemption from f...
A corporation is a type of business structure formed at the state level. In order for a nonprofit organization to file for tax-exempt status at the federal level, it must become a corporation. In that sense, all tax-exempt 501(c)(3) nonprofit organizations are also nonprofit corporations ....
IP – Intellectual Property; defined by the World Intellectual Property Organization (WIPO) as “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.” Logline – a one- or two-sentence summary of a script Packaging ...
What are the pros and cons of having a board? Or the challenges and benefits? One founder of a non-profit went so far as to state that there are no cons to having a board. He also runs a 501c3 organization though so by law, he is required to have a board. With that being said...
What Is a Nonprofit Organization? Also referred to as not-for-profit, a nonprofit organization refers to an organization whose goal does not include making a profit. TheIRS nonprofit definitionincludes multiple types of charitable activities, including serving the underprivileged, advancing religion or ...
Farm Fresh Rhode Island is a 501c3 nonprofit organization founded in 2004. The organization’s mission is to grow a local food system that values the environment, health and quality of life of local farmers and eaters. Part incubator, part activator, Farm Fresh offers a wide...
So this blog post will explain what it takes to become a nonprofit organization! Three things you need to be a nonprofit: 1.Board:Chose a group of at least 3 unrelated people to lead the group so no one carries the burden of leading alone (and because it is required in most states)....
Every state requires a corporation to have an annual (or regular) shareholders' meeting. This meeting is necessary to elect the Board of Directors and to conduct other regular business.