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3-19. Public Charity. (LO13-3) The Let's Read organization is a public charity under IRC section 501(c)(3). It had total support of the following: page 561
3-19. Public Charity. (LO13-3) The Let's Read organization is a public charity under IRC section 501(c)(3). It had total support of the following: page 561 Of the $261,000 received from individuals, $240,000 came from four contributors, each of whom gave $60,000; the other $21,000 came from small individual contributions. Required a. Calculate the total amount of support that qualifies as "public support" in meeting the public support test to escape private foundation status. b. Is the organization considered a public charity? Why? c. If the organization had received $200,000 from one individual, and the remaining $61,000 from many small individual contributions, would the NFP still be classified the same as in your response to part b
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