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Legal Requirements Today, every nonprofit is primarily a creature of state law. It must be organized and maintained according to state legal requirements. For federal tax exemptions there are the IRS...

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Legal Requirements






Today, every nonprofit is primarily a creature of state law. It must be organized and maintained according to state legal requirements. For federal tax exemptions there are the IRS regulations to satisfy. However, American nonprofits grew out of a dynamic history that has seen many changes since the country's colonial days. This week's Discussion has two related parts. Please be sure to includeboth of the followingin your primary post and engage each other in subsequent reply posts with further thoughts and questions.




I

. Identify and briefly discuss what you view to be akey social shift or factorleading to a significantlegalchange in the historical development of philanthropic enterprise in the U.S.




II

. Now consider, hypothetically, that you want to legally organizea new charityin thestate in which you currently live, and that you want the organization to meet the requirements for apublic charity under IRS 501c3. (See irs.gov and course readings). Describe your hypothetical charity, how you would legally organize it in your state. Identify the state, and (a) list the steps to setting up the organization with the state; (b) then explain the 501c3 criteria it will satisfy with the IRS. To assist your classmates in responding, please include the citation to the relevant state statute or state website. (Use the state of Virginia)

Answered 5 days After Jul 03, 2024

Solution

Shubham answered on Jul 05 2024
4 Votes
Key Social Shift Leading to Legal Change in Philanthropic Enterprise
The key social shift that has impacted legal framework of philanthropic enterprises in U.S. was rise of Progressive Era in late 19th and early 20th centuries. It is the period that is considered as recognition of social inequalities. Industrialization has expanded along with u
an poverty and labour exploitation (Sharpstone, 2018). This includes response that focus on need for organized efforts to address social welfare. Revenue Act of 1917 has allowed individuals to deduct charitable donations from taxable income.
Organizing New Charity in State of Virginia
1. Choose a Name: Ensure the name of charity is unique and...
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