NFP Financial Statement Structure 2

Question 1

501 (c) (3)

Answer 1

Not-for-profit organizations that are charitable, educational, or scientific

Question 2

Section 501 (c) (1) organizations

Answer 2

Organizations created under acts of Congress (such as Federal Credit Unions)

Question 3

Section 501 (c) (4)

Answer 3

Political advocacy groups

donations are not tax deductible for the donor

Question 4

Section 501 (c) (6)

Answer 4

Business leagues, chambers of commerce