Exempt organizations which are appropriately classified as private foundations include churches, educational institutions, and charitable organizations receiving a major portion of their support from the general public or the U.S., a state, or a political subdivision thereof.

Question

Quizplus · Accepted Answer

The statement is false. Churches and educational institutions are generally classified as public charities, not private foundations. Private foundations are generally organizations that are funded by one individual, family, or corporation and do not receive a significant amount of their support from the general public.

Exempt Organizations Which Are Appropriately Classified as Private Foundations Include