501(c)(3) is a section of the U.S. Internal Revenue Code that defines tax-exempt entities, typically used by qualified charities. This article elaborates on its definition, requirements, examples, and related terms.
A Charitable Incorporated Organization (CIO) is a new legal status that provides the same rights as a limited company without the need to comply with the Companies Act.
The Charity Commission is a governmental body responsible for the regulation and oversight of charities in England and Wales. It provides guidance and investigates charities, ensuring adherence to the Charities Act 2011.
A system enabling individuals and companies to donate money to charities and for the charities to recover the tax paid on these donations. The taxpayer must make a gift aid declaration to the charity, stating that the payment is to be treated as gift aid.
The personal sector encompasses households, unincorporated businesses, life assurance and pension funds, and private non-profit-making bodies. It is a key component of the economy, distinct from the corporate and government sectors.
