“The 501c3: What Exactly Does That Mean?”

(Author: Kyrus Keenan Westcott )   B.O.B.O.B.S. has recently announced that it has begun taking the steps toward applying for its 501c3. While some may know exactly what a 501c3 is, a majority of people are not aware of what it is, and how important and influential a form like this is.

Let’s keep it nice and simple: a 501c3 is pretty much a part of the tax code that the IRS supplies to non-profit organizations. This 501c3 take code will define a specific type of non-profit organization, because believe it or not, not all non-profit organizations are the same.

The 501 in the code stands for the tax exemptions for a particular organization, while the c3 will represent the fact that the organization that is applying is being organized and operated for educational, literary, public safety, scientific, chartable, or religious purposes. In addition to those purposes the c3 can also represent a national or international amateur sport league or it can represent a movement that will help prevent cruelty to an animal or a certain type of person.

In the latest studies, the 501c3 is actually the most popular tax exempt form that is filed with the IRS, counting for nearly 80% of non-profits being recognized as qualified charities under this designation. What sets this tax exemption apart is the fact that it is a very highly coveted tax code to have if you are a non-profit organization. These tax exempt organizations are more likely to give back to the community and support causes that most other organizations do not think twice about.

The primary purpose of these 501c3 organizations is to assist hospitals, schools, and educational services in poor or underprivileged areas around the United States. These organizations are a force for good in our country, and B.O.B.O.B.S is doing everything in their part to make sure that they can give back to the community as well.

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