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501(c)(3) status is granted to organizations that are recognized by the IRS as charitable, religious, educational, scientific, or literary.
With this status, you may be eligible for various grants and funding opportunities from government agencies, private foundations, and other charitable organizations. The organization can receive tax-deductible donations from individuals and corporations, which can help fund your charitable activities.
Some examples of funding opportunities could include grants for community development, education, research, and social services.
It's important to research and identify potential funders that align with your organization's mission and goals.
Additionally, being a 501(c)(3) can provide credibility and legitimacy to your organization, which can help with fundraising and partnerships. However, there are certain requirements and regulations that must be followed to maintain this status, such as filing annual reports and limiting political activity.