PSG Non Profit Services

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NON-PROFIT CREATION

Priority Services Group sets up non-profit entities for individuals seeking to improve communities and/or the lives of people under the IRS 501(c)(3). PSG has assisted in the creation of thousands of non-profit entities for people across the county.

WHAT IS A 501(C)(3) ORGANIZATION?

Simply put, a 501(c)(3) organization is a type of nonprofit corporation classified by the IRS as either a "public charity" or a "private foundation." Within those two broad categories, a 501(c)(3) is further designated as one or more of the following:

Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, Fostering National or International Amateur Sports Competitions, or Promoting the Prevention of Cruelty to Children or Animals.

What distinguishes non-profits is not whether they can make surplus income, but rather what is done with any "profit." A for-profit company that generates net revenue can choose to distribute those profits to owners and shareholders, executives, and employees. Non-profit organizations don't exist to earn money for owners, stakeholders or employees. In fact, distribution of profits is strictly prohibited, and must be used to further the mission of the organization. This distinction, not the ability to generate a profit, is a major difference between non-profits and businesses.

As a result of its qualification as a 501(c)(3) organization, this type of nonprofit is able to receive tax-deductible charitable contributions, and is exempt from business income and property taxes.

Priority Services Group can help you set up your 501(c)(3) professionally and provide you all the information you need to run your Non Profit organization right the first time. To get a free consultation click here.