[Cosmetic Securities] Alessia, the President of Quik Cosmetics, Wanted to Take

[Cosmetic Securities] Alessia, the President of Quik Cosmetics, wanted to take her company public. She begins meeting with underwriters and sends out a press release mentioning the potential issuance of securities. She then files a registration document and prospectus. In her registration document, she described the securities, how the money from the sale of the securities will be used, described her business and property, and included information about a pending lawsuit in the process of being settled.
-The Board of Directors of Faith Church, Inc. wants to issue securities to raise funds. Its attorney tells the Board that it does not need to file a registration document with the SEC. Is the attorney correct?

A) No, because the transaction is not exempt.
B) Yes, even though the securities themselves are not exempt, the transaction is exempt.
C) Yes, because the securities are exempt because the issuer is a non-profit organization.
D) No, securities issued by governmental bodies are exempt, securities issued by non-profit organizations are not.
E) Yes, because securities can only be issued by a corporation.