A type of charitable organization that is allowed to receive tax deductible gifts. The best examples are the large national charities such as the American Red Cross, American Heart Association or the Salvation Army. Every organization must have a determination letter from the IRS authorizing the status as a 501(c)3 charitable organization.
A public charity is another term for the coveted Internal Revenue Code Section 501(c)3 status. This designation allows all donations made to the charity to be tax deductible for taxpayers. To obtain this designation, the […]