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In regards XXXXX XXXXX non profit 501 C3 organization. If the organizations

Resolved Question:

In regards XXXXX XXXXX non profit 501 C3 organization.

If the organizations constitution and charter mandate a board of directors and president, can the organization still operate legally without them.

Thank You
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

LEV :

Hi and welcome to Just Answer!
Private Foundations - Required Provisions for Organizing Documents
Federal tax law does not require specific language in the bylaws of most foundations.
Articles of Incorporation
The corporation will distribute its income for each tax year at a time and in a manner as not to become subject to the tax on undistributed income imposed by section 4942 of the Internal Revenue Code, or the corresponding section of any future federal tax code.
The corporation will not engage in any act of self-dealing as defined in section 4941(d) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
The corporation will not retain any excess business holdings as defined in section 4943(c) of the Internal Revenue Code, or the corresponding section of any future federal tax code.
The corporation will not make any investments in a manner as to subject it to tax under section 4944 of the Internal Revenue Code, or the corresponding section of any future federal tax code.
The corporation will not make any taxable expenditures as defined in section 4945 of the Internal Revenue Code, or the corresponding section of any future federal tax code.
The organization must not be organized or operated for the benefit of private interests, and no part of a section 501(c)(3) organization's net earnings may inure to the benefit of any private shareholder or individual. If the organization engages in an excess benefit transaction with a person having substantial influence over the organization, an excise tax may be imposed on the person and any organization managers agreeing to the transaction.

If the organization's constitution and charter mandate a board of directors and president - the organization may not legally operate without them - but the organization may change organization's documents - assuming all mandatory provisions mentioned above will be in effect and submit amended documents to the IRS for confirming tax exempt status.

Lev, Tax Advisor
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Experience: Taxes, Immigration, Labor Relations
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Expert:  Lev replied 2 years ago.
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