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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! The Let's Read organization is a public charity under IRC Sec. 501(c)(3). It
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU!
The Let's Read organization is a public charity under IRC Sec. 501(c)(3). It had total support of the following: United Way support Grant from the state Grant from the city Contributions from individuals Investment income Revenue from the sale of books $ 8,300 22,900 8,000 259,100 2,800 10,100 $311,200 Of the $259,100 received from contributors, $238,000 came from four contributors, each of whom gave $59,500; the other $21,100 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. Contributions: Public Support b. Is the organization considered a public charity? Yes C-1. If the organization had received $191,000 from one individual, and the remaining $68,100 from many small individual contributions, calculate the total amount of support that qualifies as "public support in meeting the public support test to escape private foundation status. Contributions: Public Support c-2. If the organization had received $191,000 from one individual, and the remaining $68,100 from many small individual contributions, would the NFP still be classified the same as in your response to part b? Yes
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