The term 501c3 is used to define a charitable organization, named after Internal RevenueCodeSection501(c)(3), which gives such organizations tax-exemptstatus. A majority of 501c3s are nonprofits, but corporations, trusts, LLCs, and unincorporated associations can also seek 501c3 determination from the IRS. An organization with 501c3 status does not pay income taxes related to its nonprofit mission and purposes, is able to receive tax-deductible contributions, and is eligible for foundation grants. By law 501c3 organizations are required to not participate in any political or lobbying activity, although these laws could change under the Trump administration.
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