A charitable 501(c)(3) foundation is a type of nonprofit organization that is recognized by the Internal Revenue Service (IRS) as a tax-exempt entity. This designation means that the foundation is exempt from federal income tax and can receive tax-deductible contributions from individuals and corporations.
The 501(c)(3) designation refers to the section of the tax code that outlines the eligibility requirements for tax-exempt status. To qualify as a 501(c)(3) foundation, an organization must be organized and operated exclusively for charitable purposes. This means that the foundation must be dedicated to serving the public good, rather than serving the interests of private individuals or groups.
Additionally, a charitable 501(c)(3) foundation allows donors to receive a tax deduction for their contributions. Visit.org Philanthropic Foundation provides tax receipts to donors for their charitable contributions.
It should also be noted that 501(c)(3) foundations are subject to strict governance and accountability requirements. They must have a board of directors or trustees, and must file an annual tax return (Form 990) with the IRS to maintain their tax-exempt status. These requirements help to ensure that the foundation is using its funds for legitimate charitable purposes and that its activities are transparent and accountable to the public.
Visit.org Philanthropic Foundation is an independent charitable organization governed by an independent board of directors. Visit.org, Inc. has partnered with the foundation in support of their mission-aligned goals to facilitate the receipt and transfer of certain payments and donations in connection with the Visit.org technology platform. Together, Visit.org and the Visit.org Philanthropic Foundation are creating actionable opportunities for companies and individuals to direct philanthropic dollars toward the causes they care about most.
Once a donation has been made to the Visit.org Philanthropic Foundation in support of your organization, you will receive an e-payment via Bill.com directly to your bank account. In order to enable this electronic transfer, organizations need to onboard onto our Bill.com network, and they will receive instructions on doing so via email.
For any questions about payments please contact us at firstname.lastname@example.org.
The Visit.org Philanthropic Foundation works with technology partner Visit.org, Inc. to streamline workplace giving for its corporate partners and their employees. Using information from the IRS database, Visit.org creates a profile page for all 501(c)(3) nonprofit organizations in good standing. Donations to these organizations can be made directly from the Visit.org platform.
Donations made on the Visit.org platform go to the Visit.org Philanthropic Foundation, a 501(c)(3) public charity operating as a donor-advised fund. On a monthly basis, the foundation re-grants the previous month's donations to the organizations selected by the donors.
All donations made to the Visit.org Philanthropic Foundation via the Visit.org platform are encrypted at point of entry and processed securely by our payment partner, Stripe. Our technology and that of our payment partner is PCI DSS Level 1 compliant.
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