News for hackers. Stuff that matters.

A comment on We have reached an agreement in principle for Sam to return to OpenAI as CEO. Parent comment

Re:We have reached an agreement in principle for Sam to retu... by shkkmo on Wednesday November 22, 2023 @11:42AM (#38381540)
> They are registered as a 501(c)(3) which is what people commonly call a public charity.

TIL "public charity" is specific legal term that only some 501(c)(3) qualify as. To do so there are additional restrictions, including around governance and a requirement that a significant amount of funding come from small donors other charities or the government. In exchange a public charity has higher tax deductible giving limits for donors.

[ Parent | on HN ]
Re:We have reached an agreement in principle for Sam to retu... by subpar on Wednesday November 22, 2023 @12:29PM (#38382180)
Important to note here that most large individual contributions are made through a DAF or donor-advised fund, which counts as a public source in the support test. This helps donors maximize their tax incentives and prevents the charity from tipping into private foundation status.
[ Parent | on HN ]