We hear the term “non-profit” bandied about a lot in the news and in the community. I believe that most people have a very specific thing in mind when they hear non-profit, but it can actually be used to refer to a few different types of organizations.
Generally, when people say and hear non-profit, they mean a public charity. They think of something like Charity: Water, or more local to Seattle, Compass Housing Alliance.
There are a few different types of tax-exempt statuses with the IRS. [Read more…] about Legacy Planning: Private Foundation vs. Public Charity