During the past century, there has evolved a type of organization that serves society other than for-profit corporations and government agencies. As a group, these organizations are known as the third sector. The third sector sits somewhere been for-profit and governmental agencies. The third sector includes non-profit corporations of various kinds: charities, phalntropy, philanthropic organizations, fraternal and social organizations, trade associations and business leagues to name just some. Many of these organizations are extremely small, while others rival, Fortune 500 corporations. The emergence of the third sector resulted in part from tax benefits provided in the Internal Revenue Code.
The purpose of Non-profit Corporation course is to look at the legal issues involved in the formation and operation of non-profit, tax-exempt organizations. The primary focus will involve the formation of organizations describe as section 501(c)(3) organizations (charities).
In line with the focus of the course, students, besides preparing for and attending weekly classes, will be required to draft necessary corporate and tax documents with respect to the formation of a non-profit corporation and a supporting memorandum explaining the goals and formation processes implemented.