Unless 501(c)(3) organizations prove they’re publicly supported, the IRS assumes they’re private foundations. The distinction is important, because publicly supported charities enjoy higher tax-deductible donation limits and generally are exempt from excise taxes and related penalties.
The tax code recognizes several types of publicly supported organizations, but most 501(c)(3) charities fall into one of two categories. The first, ... Read More ›
Because most not-for-profit board members serve voluntarily, you may not have known compensating them was an option. But depending on the type of organization, the expertise and experience expected of board members, and the required time commitment, it may make sense to compensate these hardworking individuals.
Pros and cons
There are advantages and drawbacks to compensating board ... Read More ›
People give to charity for many reasons — to “make a difference” or “give back,” to reduce their tax burden and even to impress their peers. These many motivations can be frustrating for not-for-profits looking for a magic formula. In the absence of one, you need to keep your eyes and ears open and be ... Read More ›