Understanding 501c3Organizations Finance Strategists 2 Minutes

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501(c)(3) is the Internal Revenue Code (IRC) designation for non-profit organizations. • Commonly referred to as charities, these institutions qualify for tax-exempt status. • There are 29 different 501c organization classifications that cover everything from welfare programs to Black Lung Benefit Trusts, but the 501(c)(3) is the most common form of charity. • When an organization is approved for tax-exempt status, it means that it is not subject to federal income tax in the way individuals and companies are. • This is beneficial for charities because it prevents the IRS from being able to take a portion of the donations these organizations use to move the mission of the non-profit forward. • Donors to a 501(c)(3) may benefit from being able to claim a deduction on their taxes for their contributions. • _______________________ • 0:00 Intro • 0:08 501 (c)(3) Definition • 0:41 Requirements for Eligibility and Maintenance • 1:45 Public Charity vs Private Foundation • 2:05 Discussions • _______________________ • Talk with an advisor by emailing [email protected] • Learn more by visiting the 501(c)(3) page: • https://www.financestrategists.com/te... • Check out the main Finance Strategists YouTube Page here: • / @financestrategists4468 • _______________________ • Message from the founder: • Here at Finance Strategists, we believe one of the best ways you can help someone is with their finances. We create helpful informational videos and content to help people take control of their finances. • Finance Strategists plans to launch Finance Strategists for Kids where we teach fundamental financial concepts to kids in a clear manner allowing them to generate margin in their lives to bless other people. We believe raising up a generation of leaders with financial freedom can change individual lives, neighborhoods, countries, and the world. • _________________________ • 🔔 Hit the bell next to Subscribe so you don't miss a video! • 📧 Fill out this form to receive the Finance Word of the Day in your inbox! • 👨🏻‍💻 Watch our newest vids! - https://bit.ly/FS-Recently-Added • 💃 To book Ranie for voiceover or spokeswoman, email [email protected] • _________________________ • Follow us on Socials: • Website: FinanceStrategists.com • Instagram: @financetrategists • Twitter: @FinStrategists • LinkedIn: https://bit.ly/FS-linkedin • Facebook: https://bit.ly/Facebook-FS

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