Unless the "Widely Available" Provision Is Satisfied, a § 501(c)(3)

question 59

True/False

Unless the "widely available" provision is satisfied, a § 501(c)(3) exempt organization (excluding churches and private foundations) must make copies of the following available to the general public: Form 990 (Return of Organization Exempt from Income Tax) and Form 1023 [Application for Recognition of Exemption under § 501(c)(3)] or Form 1024 [Application for Recognition of Exemption under § 501(a)].

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Definitions:

Joint Output

Products or services that are produced together in the course of a single production process, often resulting in a correlation between their quantities or prices.

Comparative Advantage

The ability of a country or entity to produce a good or service at a lower opportunity cost than others.

Opportunity Costs

The decline of potential rewards from different options as a result of choosing one.