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Homework answers / question archive / 1
1. When organizers and directors apply for not-for-profit status from a state, they are subject to which of the following?
2. Approval from the IRS of 501(c)(3) status exempts an organization from which of the following?
3. A not-for-profit organization that is exempt from federal income taxes under IRC Sec. 501(c)(3), exists to make grants to public charities, and receives its support from a small number of individuals or corporations and investment income rather than from the public at large is called a:
4. You are considering contributing to a local charity whose primary function is to provide after-school care for underprivileged children. However, you saw in the paper that the president of the organization just bought a house that is located in a very expensive gated community, and you are concerned that more money is going to the president’s salary than to the actual after-school care. Before you donate, you want to feel comfortable that this is not the case. Which of the following is a financial measurement that might help you in determining the amount of resources going to after-school care?
5. The tool the IRS most likely will use when key officers in a tax-exempt entity receive excess economic benefits from transactions with the not-for-profit organization is:
6. When a tax-exempt organization dissolves, the managers must ensure that:
7. Use 2015 Form 990 and the 2016 annual report for Feeding America. Although the Form 990 indicates it is for 2015, it is actually for the period July 1, 2015, to June 30, 2016, the same time period as the 2016 annual report.
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