yes, non-profits can give financial assistance to individuals! Section 501(c)(3) of the Internal Revenue Code provides that an organization that qualifies for exemption from income tax is one that is “organized and operated exclusively” for charitable purposes.
What does a 501c3 status entitle you to?
“501 (c) (3)” status refers to a section of the Internal Revenue Code, the tax law for the United States, which allows organizations to operate exempt from paying federal income tax.
What does it cost to get 501c3 status?
501c3 Federal Filing Fees - IRS 501c3 Filing Fee Cost | 501c3GO. The IRS charges a one-time $600 User Fee to process your application. 1023-EZ application: The IRS charges a one-time $275 User Fee to process your application.
