A 540Monthly Membership ensures that we are able to create and curate low cost/high impact educational content and programming rooted in the arts, wellness, and antiracism. If you love 540WMain consider becoming a 540Monthly Member today!
We are pleased to share that 540WMain is officially a tax-exempt organization.
We are excited to share that the IRS approved and confirmed our application for tax exempt status. We are very thankful for the support of Volunteer Legal Services, the law firm Underberg and Kessler, LLP, and the Venture Jobs Foundation who has acted as our fiscal sponsor through this process.
What does this mean?
We will continue our work as we have. Now when foundations and people donate monetarily to 540WMain’s mission this donation will be tax deductible on their federal income taxes. We will be able to apply for larger grants that require organizations like ours to have 501(c)(3) status. This will allow us to continue to scale and grow.
** You’ll also notice a shift in branding as we transition from using “communiversity” per regulation from the State Department of Education.
We are expanding our board! If you are interested in joining 540Board please complete a webform below or visit our table at the 4th Annual Board and Volunteering Expo on Thursday October 17th
What does nonprofit mean?
540WMain, Inc is a nonprofit organization which means that means that as a business entity (corporation) we are organized for a nonprofit purpose. Nonprofits are tax exempt or charitable, meaning they do not pay income tax on the money that they receive for their organization. They can operate in religious, scientific, research, or educational settings.
What does 501(c)(3) mean?
501(c)(3) means a nonprofit organization that has been recognized by the IRS as being tax-exempt by virtue of its charitable programs.
What is a tax exemption?
Tax-exemption is the result of a nonprofit organization being recognized by the IRS as being organized for any purpose allowable under 501(c)(3) – 501(c)(27).
- Does nonprofit, 501(c)(3) and tax-exempt all mean the same thing? | Foundation Group