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To put it very simply Private Foundation status is for the wealthy, and Public Charity status is for mere mortals. It’s imperative to know that all public charities are classified as private foundations by the IRS but not all private foundations can become a public charity. These two types are very different from public charities in their operations and their tax exemption status. Now you may have heard of a Private Foundation or in some cases a Private Operation Foundation. Private Foundation or Private Operating Foundation?
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#501C3 IN ILLINOIS TEMPLATE HOW TO#
Here you truly learn how to start a nonprofit 501c3 organization from writing your nonprofit mission statement to filing your federal application for 501c3 tax exemption status. Read this page and resources carefully as this is arguably the only honest article on starting a nonprofit in the bunch that wasn’t put up for marketing or advertisement. There is a lot of misinformation regarding this legal process and most of them are sadly the top results of search engines.
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Be mindful of misinformation regarding tax exemption status process