Treasury And IRS Issue Final And Temporary Type III Supporting Organization Regulations

On December 21, 2012, the Department of Treasury and Internal Revenue Service issued final and temporary regulations regarding the requirements to qualify as a Type III supporting organization, which is one that is operated in connection with one or more supported organizations. The final regulations make various revisions to the proposed regulations issued by Treasury and the IRS in 2009, which reflect changes to the law made by the Pension Protection Act of 2006. The temporary regulations revise the payout requirements for a nonfunctionally integrated Type III supporting organization.

What You Need To Know -

Background -

An organization described in Section 501(c)(3) of the Internal Revenue Code (the "Code") is classified as either a private foundation or a public charity. To be classified as a public charity, an organization must meet the requirements of Section 509(a)(1), (2), (3), or (4) of the Code. Organizations described in Section 509(a)(3) of the Code are known as supporting organizations. Supporting organizations qualify as public charities because they support either another public charity or the charitable activities of a 501(c)(4), (5), or (6) organization. There are four types of supporting organizations...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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