501(c)(3)
A section of the U.S. Internal Revenue Code that grants tax-exempt status to nonprofit organizations operated exclusively for charitable, religious, educational, scientific, or literary purposes. 501(c)(3) organizations are exempt from federal income tax, and donations to them are tax-deductible for donors. These organizations are governed by a board of directors (often called a board of trustees) that has fiduciary responsibility to ensure the organization fulfills its charitable mission and complies with IRS regulations.
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