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Form 1023 MS: What You Should Know
I did so because of my own personal goals, while trying to do my part to make a difference. My main goals were to: — Make a difference in the lives of people — Help other people become more effective and passionate people with a purpose — Support those who seek to live their lives in a more intentional manner and — Build a community that gives people who have reached their greatest potential a chance to live their lives in an innovative manner To help people and organizations do better, our friends at The National Center of Nonprofit Organizations have developed a form called Form 1023. Form 1023 (Rev. December 2017) — IRS Form 1023 is filed electronically only on Pay.gov. Go to IRS.gov and find this document on “Charitable Organizations” and “Nonprofit Organizations” section. Form 1023 — IRS If you do not think that the IRS has the correct form, do not panic and continue reading. First question. What do a 501c3 and an 8(a) organization have in common? What are their similarities and differences? 501c3 Organization — An organization can only have one type of grant (grant made from their own funds). The primary mission of an organization is to benefit the communities it serves. The only requirement for being a nonprofit or tax-exempt is that an organization is a registered tax-exempt entity and the following requirements must be met: The organization is created or organized for a charitable, exempt or public purpose. The organization operates solely for the benefit of the organization's own members, donors or other individuals and entities. The organization has no government mandate, policy or purpose for which it is operated. There is a single board of directors and officers to administer and supervise the organization. The number of members and officers of an organization is not restricted to less than 5. In order to make grants to members, donors or other individuals and entities it must first get IRS authorization to be a 501c3. The application for approval of tax-exempt status should include information on the purpose for the organization, how the organization intends to benefit its members and donors, and its purpose and operating policies. This form is a way for an organization to get the IRS authorization needed to become a 501c3 and not to be surprised by the next step down on the 1023 form process after it is approved.
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