The Internal Revenue Service definition of a 501(c)(2) organization is provided below:
“Internal Revenue Code (IRC), section 501(c)(2) provides for recognition of exemption of title holding corporations which are organized for the exclusive purpose of holding title to property, collecting income from the property, and turning over the entire amount less expenses to a parent organization which is exempt under IRC section 501(a). section 1.501(c)(2)-1(b).”
Collected: | $5,145.00 |
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Goal: | $100.00 |