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In 2005, the Foundation was granted section 501(c)(3) status by the U.S. Internal Revenue Code as a public charity, making donations to the Foundation tax-deductible for U.S. federal income tax purposes. [17] Its National Taxonomy of Exempt Entities (NTEE) code is B60 (Adult, Continuing education). [18] [19]
An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows:
Donations of money or property to qualifying charitable organizations are also usually tax deductible. Because this reduces the state's tax income, calls have been raised that the state (and the public in general) should pay more attention towards ensuring that charities use this 'tax money' in suitable ways.
Donations made to 501(c)(3) organizations are typically tax-deductible for the donors, meaning individuals and businesses can claim those donations as deductions on their tax returns, subject to certain limitations. This tax benefit encourages charitable giving. In contrast, donations made to 501(c)(4) organizations are not generally tax ...
These regulations are used not only to determine if the organization is exempt from tax under the organization's activities as a non-profit organization. If the organization purpose is one of those described in § 501(c)(3) of the Internal Revenue Code , [ 3 ] it may apply for a ruling that donations to it are tax deductible to the persons or ...
“An organization has to have received the 501(c)(3) designation from the IRS for it to qualify as a ‘charitable organization’ in terms of deduction donations for tax purposes,” said ...
Heritage Action is supported by individual and corporate donors, with its 2012 tax return indicating that 44 percent of its overall contributions came from donations of $5,000 or less that year. [38] Heritage Action generally does not disclose its donors, but in 2013 confirmed a $500,000 donation made by the Koch brothers .
Wikipedia and its fellow sites are hosted by the Wikimedia Foundation, a non-profit organisation based in the United States. Sites like Google or Yahoo are hosted on thousands of servers, with thousands of employees; we have around 800 servers and around 350 staff, and cover our costs through donations—almost all from members of the public.