REG — Quick Sheet
Exempt Organizations Basics
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- 501(c)(3): exclusively exempt purposes, no private inurement, limited lobbying, zero political campaign activity
- Presumed a private foundation unless public charity status is established
- Public charity → Form 990; private foundation → Form 990-PF + excise taxes + minimum distributions
- UBIT test (all three): trade or business + regularly carried on + not substantially related
- Excluded from UBIT: dividends, interest, royalties, most real property rents, volunteer-run activities, donated merchandise sales, member convenience