[REG] Exempt organizations

1. Test

Organization test: Religious org, education org, Private Foundation, Charitable org, Social club

Operational test: not for profit

 

 

2. Filing

- Annual information return. Form 990, Due on May 15th

  * exemption religious/ small organization <50K

- 990-T, unrelated business income is 1K or more

- 990-PF for private foundation

 

3. Unrelated Business Income(UBI)

- taxed at the regular rate for corporation/ trust for 1K or more

* not UBI(related income)

  Activity performed by volunteers,

  Trade or biz for convenience of students/members of charitable, religious, scientific org

  Sale of merchandise received as gifts or contributions

  Dividends, ints, annuities, royalties except from debt-financed investments

  Bingo games if not in violation of law