Organizations that are covered by 509 (a)2 and are very similar to publicly supported charities, consisting of similar, well known organizations?Select one:a.private foundationsb.supporting organizations for charitiesc.exempt purpose activity-supported charitiesd.publicly safety charities
Question
Organizations that are covered by 509 (a)2 and are very similar to publicly supported charities, consisting of similar, well known organizations?Select one:a.private foundationsb.supporting organizations for charitiesc.exempt purpose activity-supported charitiesd.publicly safety charities
Solution
The answer is c. exempt purpose activity-supported charities. These organizations are very similar to publicly supported charities and are covered by 509(a)2. They receive their support from a combination of gifts, grants, contributions, membership fees, and gross receipts from activities related to their exempt functions.
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