wrangler
The Orange Standard
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- Nov 29, 2017
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The non profit I was working for was under 501c3 non profit? So I’m guessing each non profit has to fall under a certain category.?? Could be wrong but that’s what I’m guessing after reading your post and if that’s true what would this non profit fall under?
Section 501(c)(3) of the Internal Revenue Code is the most common provision under which organizations are granted tax-exempt status by the IRS. As stated earlier, not-for-profit is a classification under state law, with its requirements specified there. Two separate systems, that often both apply to an organization.
Does non-profit status guarantee they have to disclose how the money is being spent?
That depends on state law. I believe that tax-exempt status granted by the IRS usually requires certain tax returns to be available for public inspection.
I know some of the basics here, but I haven't done much of this kind of work.