Common terms and where to find more information

Common terms and where to find more information

   501c3: Reference to the IRS tax code governing nonprofits. Often substituted to indicate a tax-exempt organization.

   990, 990 N, 990 EZ, 990 PF: Types of federal tax returns for nonprofit organizations.

   Board of Directors: Team who manages and oversees the organization.

   Bylaws: An organization’s governing document.

   Charity Registration: A document providing legal authority to ask for donations.

   Compliance: Means of ensuring ongoing legal operation.

   Conflict of Interest Policy (COI): A set of policies preventing personal gain.

   Corporate Sponsorship: Funds donated by local businesses.

   Form 1023, 1023 EZ, and 1024: Types of applications for federal tax-exempt status.

   Grant Funding: Funds issued by a private foundation for a specific purpose.

   Governance: Ongoing operation of the organization.

   Incorporation: Document establishing a legal entity in the state of operation.

   Letter of Determination: Sent by the IRS to indicate an organization’s tax-exempt status.

   Personal Donations: Funds donated by individuals.

   Program Fees: Charges for services or programing provided by the organization.

   Sales Tax Exemption: A document providing exemption from sales taxes.

   State Tax Exemption: A document providing exemption from state corporate taxes.

   Strategic Plan: A set of shared responsibilities and goals for the organization.