I received a “pending” notice indicating possible non-compliance with federal or state tax regulations. What does this mean, and what constitutes a non-profit organization?
With few exceptions, the majority of undergraduate organizations operating in Yale College are not recognized as nonprofit organizations, although they are expected to operate exclusively on a nonprofit basis. Nor does Yale University’s nonprofit status extend to student groups. This distinction becomes very important when soliciting funds from businesses or donors who expect to report their charitable contributions as a deduction when filing income tax forms. Incorporation requires the filing of forms as well as a disclosure of financial documents with the Internal Revenue Service and the Secretary of State. “Tax-Exempt Status and IRS Reporting Obligations,” a basic summary of tax obligations that is not provided as legal advice nor meant to serve as a comprehensive report of all federal and state tax laws, is available here. Undergraduate organizations considering incorporation may also wish to contact the Yale Law School Nonprofit Organization Law Clinic, information on which is ava
Related Questions
- I received a pending notice indicating possible non-compliance with federal or state tax regulations. What does this mean, and what constitutes a non-profit organization?
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