Not-for-profit Organizations Derives Quiz

Grant exemption from income taxes

Give legal life to a not-for-profit corporation

Grant exemption from sales taxes

Grant licenses for charitable solicitation

Apply or register with the state government where it operates

Register with the IRS

Apply or register with the local government(s) where it operates

All of the above

Notifying the IRS about a merger

Application for exempt status with Form 1023

Meeting public disclosure requirements

Filing unrelated business income tax returns

Grant licenses for charitable solicitation

Grant exemption from federal income taxes

Grant exemption from sales taxes

Give legal life to a not-for-profit corporation

There is no limit provided no propaganda is distributed by the charity

There is no limit provided no individual or group contributes more than $500 to lobbying activity in any one year

There is no limit provided the lobbying activity directly affects the NFP's charitable purpose

There is a limit of up to $1,000,000 a year based on the size of the NFP's exempt program costs

Private foundation

Public charity

Nongovernmental organization

Public foundation

Unrestricted net assets divided by operating expenses

Revenues divided by expenses

Fund-raising expenses divided by public support

Program expenses divided by total expenses

An environmental organization that offers advertising to nonmembers in its annual catalog

A university that offers computer services to students and faculty for a technology fee

A credit union that offers members safety deposit boxes for a nominal fee.

All of the above

Fines and forfeits

Revocation of the organization's tax-exempt status

Intermediate sanctions

Public display of offenders on the IRS's Web site

All assets are appropriately transferred to another tax-exempt organization

All creditors get paid

All federal, state, and local taxes are paid

All of the above

Only if they have unrelated business income.

If they are nongovernmental and not a church.

Whether they are governmental or nongovernmental.

Only if they are a private foundation, not a public charity.

Excessive compensation.

More than the fair rental value for property owned by the officer.

A bargain on the sale of assets.

Fringe benefits comparable to those given to all employees.

 Public charity.

Private foundation.

Public foundation.

Voluntary health and welfare organization.

Make available a copy of its Form 990 to the public for a period of up to three years.

Post a copy of its articles of incorporation and by-laws on its Web site.

Provide a copy of the minutes to all board meetings to any person who requests the minutes within 90 days of the board meeting.

Make available a copy of its Form 990-T, but not its Form 990, to the public for a period of up to two years.

Fund-raising expenses as a percentage of public support.

 The ratio of program expenses to number of clients served.

Total revenues divided by total expenses.

Percentage of total expenses spent on the program function as opposed to support function.

True

False

True

False

True

False

True

False

Costs that are identifiable with a program, management and general, or fundraising function.

Staff costs related to fundraising events or campaigns.

Costs associated with an activity that includes a fundraising component that may be allocated to two or more functional expenses categories if certain criteria are met.

Costs shared by two organizations conducting a fundraising event or activity in tandem.