Legal Definitions - charitable corporation

A charitable corporation is a type of corporation that is organized and operated for charitable purposes. Charitable corporations are eligible for tax-exempt status and are subject to certain regulations and requirements.

• 501(c)(3) organization: A nonprofit organization that is organized and operated exclusively for religious, scientific, literary, educational, athletic, public-safety, or community-service purposes, and does not distribute earnings for the benefit of private individuals, or participate in political campaigns or substantial lobbying.
• Charitable gift: A donation made to a charitable organization for the purpose of supporting its charitable activities.
• Charitable deduction: A tax deduction that allows taxpayers to deduct charitable contributions from their taxable income.

These examples illustrate the definition of a charitable corporation by showing different aspects of its operations and benefits. A 501(c)(3) organization is a specific type of charitable corporation that is eligible for tax-exempt status. Charitable gifts are a way for individuals to support charitable organizations, while charitable deductions provide a tax benefit for those who make such donations.