Charitable organizations widely vary in their mission and structure, and one can get lost in the myriad of options out there of which ones to help or volunteer with. It will be vastly helpful to break them down into different types and categories to dig deeper into what the renowned charity groups are all about, as well as be introduced to newer or smaller ones that do the good deed.
There are five kinds of section 501(c)(3) organizations as defined by the Internal Revenue Code. These five kinds of charities are:
- Private independent foundation
- Publicly-supported entity
- Charity supported by gifts, dues, and fees
- Private operating foundation
- Supporting charitable organization.
The private independent foundation, for instance, has the most restrictive rules of al relating to its excise tax as well as the distribution of investment assets every year.
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In terms of charitable giving, there are several various ways to give, and these include donor-advised funds, real estate, cash, stocks, charitable trusts (CLT or CRT), giving assets to charity, pooled income fund, and private foundation. Each has its own pros and cons depending on what one is looking for and what’s there to be shared and given freely.
Depending on their specific causes, charities can also be classified into various categories. There are animal charities, which can be broken down further into wildlife conservation, pet and animal welfare, hunting and fishing conservation, and zoos and aquariums. There are also environmental charities that can be classified as environmental conservation/protection and parks and nature centers.
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International NGOs focus on international development, disaster relief, peace and human rights, conservation, and child sponsorship. Health charities tackle disease and disorder, provide medical services, perform medical research, and offer patient and family support. Education charities offer scholarship and financial aid services as well as work toward school reform, while arts & culture charities address the heritage and work of museums and art galleries, performing arts, libraries, and public broadcasting and media.
Larry Polhill is a graduate of the University of Florida and a volunteer pretty much his whole life. For similar reads, visit this page.
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