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DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Years of Experience in Business & Personal Taxes
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Is a non-pofit foundation the same as a tax exempt organization? Does

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Is a non-pofit foundation the same as a tax exempt organization?
Does it need to file for tax exempt status with the IRS?
And is it required to file the same tax exempt forms?
Does it need to file on a calensar year?
Thank You,
Fred
Welcome and thanks for your question!

Is a non-profit foundation the same as a tax exempt organization?
Non-profit foundations are a type of tax exempt organization. Foundations generally are exempt under section 501(c)(3) and may be considered either a public charity or private foundation, depending on the sources of their funding.

Does it need to file for tax exempt status with the IRS?
Yes, the foundation should file Form 1023 to apply for tax-exempt status.

And is it required to file the same tax exempt forms?
If the foundation is considered a public charity, it will file Form 990N, Form 990EZ, or Form 990, depending on its revenues. If it is considered a private foundation, it will file a Form 990-PF.

Does it need to file on a calendar year?

No, it may file on a fiscal year end if it chooses.

Please let me know if you have any follow-up questions on this matter and I will gladly assist you. Have a wonderful evening!
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