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 $ 10,000 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 | $ | 10,000 | |
| Grant from the state | 25,000 | ||
| Grant from the city | 10,000 | ||
| Contributions from individuals | 261,000 | ||
| Investment income | 1,000 | ||
| Revenue from the sale of books | 12,000 | ||
| $ | 319,000 | ||
| Of the $261,000 received from contributors, $240,000 came from four contributors, each of whom gave $60,000; the other $21,000 came from small individual contributions. |
| Required | |
| a. | 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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