Sunday, April 28, 2024
Charitable Organizations

7.2.1 Basic Quiz -- Classification as a Private Foundation
Sec. 501(c)(3) of the Internal Revenue Code contains the provisions for charitable organizations and private foundations.
     True      False
Churches, hospitals, museums and schools are all examples of private foundations.
     True      False
A single wealthy family typically forms a private foundation.
     True      False
Charitable organizations are classified as private foundations by default unless they apply for public charity status.
     True      False
Churches and public charities with gross receipts over $50,000 in a taxable year may be classified as a public charity without filling out IRS Form 1023.
     True      False
Operating foundations conduct their own charitable activities rather than merely providing funds for use by other charities.
     True      False
Donations to operating foundations are subject to the same deductibility limitations as donations to private foundations.
     True      False
A conduit foundation is a foundation that distributes 90 - 95% of all contributions it receives in a particular year.
     True      False
Community foundations are classified as public charities.
     True      False
Contributions to a conduit foundation may, under certain circumstance, be treated the same as contributions to public charities.
     True      False



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