Legal Authority
IRC §501(c)(3) To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.
Organizations described in section 501(c)(3) are commonly referred to as charitable organizations. Organizations described in section 501(c)(3), other than testing for public safety organizations, are eligible to receive tax-deductible contributions in accordance with Code section 170.
The exempt purposes set forth in section 501(c)(3) are charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and the preventing cruelty to children or animals. The term charitable is used in its generally accepted legal sense and includes relief of the poor, the distressed, or the underprivileged; advancement of religion; advancement of education or science; erecting or maintaining public buildings, monuments, or works; lessening the burdens of government; lessening neighborhood tensions; eliminating prejudice and discrimination; defending human and civil rights secured by law; and combating community deterioration and juvenile delinquency.
The NISS Foundation, Inc. will work closely with prospective donors/clients to have our legal counsel review your needs with you, your accountant, attorney and advisor if so desired. The NISS Foundation, Inc. provides tools to help your family in many ways. Each program is reviewed and then a certified illustration and proposal is structured for the donor/client’s review. It is standard for us to work with accounting companies and/or law firms to become part of your planning process to meet your retirement, estate planning and/or legacy planning needs through specific programs that range from Installment Sales to Charitable Trusts to Life Insurance Donations. We look forward to helping you. Please call 252.261.7600 or email us at Legal@NISSfoundation.org if we can be of assistance with your planning needs.
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