Section 501(c)(3) is the portion of the US Internal Revenue Code that allows for federal tax exemption of nonprofit organizations, specifically those that are considered public charities, private foundations, or private operating foundations. It is regulated and administered by the US Department of Treasury through the Internal Revenue Service.
All non-profits applying for a Novo account must have already filed for their 501(c)3 status with the IRS.
Learn more and how to apply directly through the IRS.
In order to qualify as a tax-exempt, 501(c)(3) organization, a nonprofit must exist for one or more exclusively charitable purposes:
- Religious
- Charitable
- Scientific
- Testing for Public Safety
- Literary
- Educational
- Fostering of national or international amateur sports, and
- Prevention of cruelty to animals and children