Question: The Let's Read organization is a public charity under IRC Sec. 501(c)(3). It had total support of the following: United Way support $ 10,200 Grant
The Let's Read organization is a public charity under IRC Sec. 501(c)(3). It had total support of the following:
| United Way support | $ | 10,200 | |
| Grant from the state | 25,100 | ||
| Grant from the city | 10,100 | ||
| Contributions from individuals | 261,200 | ||
| Investment income | 1,200 | ||
| Revenue from the sale of books | 12,100 | ||
| $ | 319,900 | ||
Of the $261,200 received from contributors, $240,300 came from four contributors, each of whom gave $60,075; the other $20,900 came from small individual contributions.
Required
- Calculate the total amount of support that qualifies as public support in meeting the public support test to escape private foundation status.
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