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Form 1024 North Carolina: What You Should Know

Publication 922 Publication 922, Section 5.5, lists the requirements for “publicly performed religious, charitable, scientific, literary, or educational function[s]” (p. 5.4). These functions must be in the public interest, and the benefit is expected to be greater than the anticipated tax benefit. The benefit must not be prohibited by the laws of any State (including the U.S. Constitution). Section 5.5 further requires that the benefit is not in addition to any other exempt function and that the organization has other exempt functions. It is not sufficient that the organization performs the function. It must also meet the requirements of section 501(c). In this section, a non-profit organization will be considered a public charity if its public good activity does not exceed 5% of the total income or revenue of its organization (for purposes of section 501(c), the excess of 5% of income or revenue over 1% of its operating costs). Under section 501(c)(3), a public benefit is any benefit that is provided directly in aid of the operation of an educational institution or institution serving the public. For tax purposes, public benefits include but are not limited to financial support that is in addition to, or is provided for the purpose of, directly or indirectly contributing to the operation of a charitable, religious, or scientific organization. In addition to this, the non-profit organization must have at least 1,000 square feet of building space for meetings, classes, and publications. Example C: A corporation owns four buildings on five separate acres of land in a city. It operates the four buildings with the four tenants as an institution. The four tenants meet for monthly meetings and hold seminars for the public and the students of their school. The corporation receives an annual rent of 100,000.00 and a minimum of 70,000.00 in annual operating expenses (approximately 6,000.00 per month). The corporation has a total income of 600,000.00 and has income from operating expenses of 500,000.00. It is not necessary to establish that the non-profit organization receives an additional tax benefit for every square foot of income the corporation receives.

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