Our Family 501(c)(3)

A 501(c)(3) organization is a nonprofit entity that has been granted tax-exempt status by the Internal Revenue Service (IRS). 

These organizations are committed to serving the public interest in areas such as education, charity, science, and literature. Donations to 501(c)(3) charities are tax deductible for the donor.

A private 501(c)(3) organization is a tax-exempt nonprofit that operates exclusively for exempt purposes, meaning none of its earnings can benefit any private individual or shareholder.

• Governance: It is governed by a board of directors, which oversees its operations and activities.

• Tax-Exempt Status: To qualify as a 501(c)(3), the organization must be organized and operated for exempt purposes, and it is subject to IRS rules.

• Closed Group: Private foundations can have a relatively closed group of individuals overseeing them, which is a unique characteristic of private foundations.