Part ix 1023 Form 2020-2024

Part ix 1023 Form: What You Should Know

Part IX (financial information) — Part VIII A. What is the difference between a 501(c)(3) Exempt Organization and a 501(c)(5) Exempt Organization? Organizations exempt under section 501(c)(3) must be organized and operated exclusively for exempt purposes. An organization organized and operated exclusively for exempt purposes is not a 501(c)(5) organization. The IRS defines two types of activities that have a 501(c)(5) status: • Charity solicits donations for and receives government grants, tax-exempt or otherwise. • Business and professional organizations must engage in a substantial amount of substantial business activities, and the activities and investments must be predominantly for their exempt purposes. Both types of organizations are exempt from tax under section 501(a) (relating to income tax exemption). See IRS Publication 956 at IRS.gov/pub/irs-pdf/956.pdf, which provides additional information to help determine what kinds of activities are for exempt purposes of an organization.  B. Which organizations are exempt under section 501(c)(3), or are they not? The IRS has published regulations, which define what types of organizations are exempt under section 501(c)(3): Organizations involved in religious, literary or scientific endeavors. Such groups may include religious, educational and scientific organizations, charitable foundations, and libraries or museums. Organizations engaged primarily in social welfare activities. Organizations engaged for such purposes must operate primarily without profit to qualify for tax-exempt status.

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