A nonprofit organization with 501(c)(3) designation differs from other nonprofits in that the 501(c)(3) nonprofit organization(1 point)

Question

Responses

does not earn any profit.
does not earn any profit.

is governed by a board of directors.
is governed by a board of directors.

operates in accordance with its stated mission.
operates in accordance with its stated mission.

enjoys local, state, and federal tax exemptions.

Answer 1

The correct response is:

enjoys local, state, and federal tax exemptions.

A 501(c)(3) nonprofit organization is specifically designated under the Internal Revenue Code as a charitable organization that can receive tax-deductible donations and is eligible for various tax exemptions.