Not-For-Profit Organizations Must Meet Specific Guidelines in Order to Obtain

question 47

Multiple Choice

Not-for-profit organizations must meet specific guidelines in order to obtain tax-exempt status. These guidelines are structured by the

• A) board of directors.
• B) U.S. Uniform Partnership Act.
• C) U.S. Bureau of the Census.
• D) Chamber of Commerce.
• E) Internal Revenue Service.

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Definitions:

Accumulate

To gather or collect, often a gradual increase of items or value over time.

Invest

The act of allocating resources, usually money, with the expectation of generating an income or profit.

Compounded Annually

Involves the process where interest is added to the principal sum at the end of each year, for the purpose of calculating the next year's interest.

Annual Payments

Regular payments made once a year.