Charitable Organization Status definition
Charitable Organization Status means the current status of the Foundation with respect to taxation under the Code, including the status as an entity exempt from taxation under Section 501(a) of the Code by virtue of being an organization described in Section 501(c)(3) of the Code.
Examples of Charitable Organization Status in a sentence
The Foundation and Servicer shall each maintain and continue its Charitable Organization Status through the Closing Date and for at least one year thereafter.
The Foundation's election to convert under Section 150(d) of the Code and the conversion itself were both accomplished in accordance with all requirements under Section 150(d)(3) of the Code and applicable Law, resulting in the Foundation maintaining its Charitable Organization Status.