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What does 501c3 mean anyway?

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What does 501c3 mean anyway?

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501(c)(3) is a section of the US tax code that defines a special type of non-profit organization that is organized for “religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals.” 501(c)(3) status is important to many charitable groups. Not only does the group avoid paying taxes on income, but the donor may deduct their donations from their income for tax purposes. Some individuals and groups (and virtually all foundations) will not give to a charity if it does not have 501(c)(3) status. Therefore, loss of this status can be harmful to a charity’s existence.

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