Question: I know there is a relatively new and simplified Form 1023, called Form 1023-EZ, to use in applying to the IRS for 501(c)(3) exempt status. It requires assets less than $250,000, and forecasted revenue less than $50,000 for the current year and the next two. What happens if an organization files Form 1023-EZ, gets approved for 501(c)(3) status, and then its actual revenues exceed $50,000 in one or more of those years?

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