Editing 501(c)(3) process (section)

==2009==
In order to facilitate the process a new page dealing directly with completing form 1023 to establish 501(c)(3) has been started here: [[IRS Form 1023 process]].

501(c)(3) is a tax-exempt designation from the IRS which generally applies to nonprofit organizations.  501(c)(3) refers to that section of the tax code, found at [http://www.law.cornell.edu/uscode/26/501(c).html 26 U.S.C. § 501].

Being a 501(c)(3) has the following benefits (copied from the interwebs)

*We won't pay federal corporate income tax except on income derived from unrelated business income. With this exemption, an organization can save 15% - 35% of its taxable income.
*In most instances, we won't pay state corporate income, franchise, excise, use, or sales tax.
*Can offer members, individuals, and corporate donors a tax deduction for their contributions.
*Eligible to receive private foundation grants. Private foundations are required by law to distribute a minimum amount of money for charitable purposes. One way they fulfill this obligation is by making grants to 501(c)(3) public charities.
*Eligible for lower postal rates on third class bulk mailings through the US Postal Service.