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 Updated L501 Form 1995

1995-2025 Form

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Instructions and help about Updated L501 Form

so what does it mean to be a 501c3 nonprofit what sets a 501c3 apart from other categories of nonprofits out there in a phrase charitable purpose [Music] hi i'm greg mcrae founder and ceo of foundation group and welcome to our 501c3 university channel we touched on this topic in some other recent videos but i promised then that we would be taking a detailed look at charitable purposes and here it is in order to qualify as a tax-exempt 501c3 organization a non-profit must exist for one or more exclusively charitable purposes unfortunately the irs gives us a list of those purposes in publication 557 they even give a few examples of nonprofits in each category and while the information in pub 557 is informative it's far from exhaustive and given that the examples they provide are so few it's often challenging for someone looking to start a new nonprofit to determine exactly where their idea fits in the list of purposes so let's look at each of these purpose

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