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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 Grant from the
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 $ 8,600 23,200 8.300 259,200 2.600 10,200 $312,100 Of the $259,200 received from contributors, $238, 100 came from four contributors, each of whom gave $59,525, 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. Grant from the State United Way Support Grant from the City Contributions: Small Contributions Large Contributions Public Support 0 b. Is the organization considered a public charity? Yes . No C-1. If the organization had received $192.000 from one individual, and the remaining $67,200 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. Grant from the City Grant from the State United Way Support Contributions: Small Contributions Large Contributions Public Support
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