I understand that I can make grants from my fund to charitable organizations that are recognized by the IRS as having nonprofit 501(c)(3) status. What exactly is 501(c)(3) status?
According to the IRS, an organization described as 501(c)(3) is tax-exempt and eligible to receive tax-deductible contributions. It must be organized and operated exclusively for one or more charitable purposes including: relief of the poor, the distressed, or the underprivileged; advancement of religion; advancement of education or science; erection or maintenance of public buildings, monuments, or works; lessening the burdens of government; lessening of neighborhood tensions; elimination of prejudice and discrimination; defense of human and civil rights secured by law; and combating community deterioration and juvenile delinquency. It may not engage in lobbying or other attempts to influence legislation as a substantial part of its activities and it may not be operated to benefit private interests. Churches, schools, hospitals, and governmental units with 509(a)(1) status and public safety groups with 509(a)(4) status are also eligible for grants from donor advised funds since both o
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