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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$11,400Grant from the state26,000Grant
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$11,400Grant from the state26,000Grant from the city11,200Contributions from individuals262,400Investment income2,400Revenue from the sale of books9,000$322,400
Of the $262,400 received from contributors, $241,300 came from four contributors, each of whom gave $60,325; the other $21,100 came from small individual contributions.
Required
- Calculate the total amount of support that qualifies as "public support" in meeting the public support test to escape private foundation status.
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