501(c) Definition
A 501(c) is a specific type of tax exempt non profit organization designated under Section 501 c of the United States Internal Revenue Code. There are 27 types of tax exempt organizations under the code.
The most common 501(c) organizations include:
- 501(c)1 - corporations organized under acts of Congress such as Federal Credit Unions
- 501(c)2 - title holding corporations for exempt organizations
- 501(c)3 - various charitable, non-profit, religious, and educational organizations
- 501(c)4 - various political education organizations
- 501(c)6 - business league and chamber of commerce organizations
- 501(c)7 - recreational club organizations