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IRS 501c3 rules and regulations
We are a 502 c 3 organzation and have been asked by a group to be a fiscal agent for them so they can get a charitable donation.
1 Are we allowed to do this? 2. Do they have to be in the process of forming a non-profit for us to help them? 3. Can we do this for a business that has no plans to form a non-profit? |
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Please clarify - the subject of this thread menations 501c3 rules, and yet the body of your question uses the term 502c3. It's a big difference. A 502 organization is a for-profit organization and is not tax exempt. Not sure what you mean aboit being a "fiscal agent:" - but if you're asking whether individuals can make donations to you, which in turn you pass on to this other organization - such donations are not tax deductible for the donors. If however your use of "502" was a typo and you meant "501," then the answer is "it depends." How does the other organization fit in with the charter of your 501c3? What kind of organization is it? Your tex-exempt status is based on your organization type as being Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations - does this outside group serve one of these purposes?
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