501(c)(14)
From Ballotpedia
501(c)(14) is an Internal Revenue Service (IRS) tax exemption status that applies to "state-chartered credit unions and other mutual financial organizations."[1]
501(c)(14) state-chartered credit unions are composed of members with a unifying bond (such as community or employment) and operated on a not-for-profit basis. Federal credit unions, on the other hand, are exempt under section 501(c)(1). Mutual financial organizations must also be operated on a not-for-profit basis and for the mutual benefit of the membership. Mutual financial organizations include building and loan associations, mutual banks and cooperative banks founded before September 1, 1957.[2]
Examples
- Alliant Credit Union (Chicago, Ill.)
- State Chartered Credit Unions in Florida (Jacksonville, Fla.)
- Community America Credit Union (Lenexa, Kan.)
- California Credit Union (Glendale, Calif.)
- San Diego County Credit Union (San Diego, Calif.)[3]
See also
External links
Footnotes
- ↑ IRS.gov, "Other section 501(c) organizations," accessed September 21, 2015
- ↑ Internal Revenue Manual, "Chapter 76. exempt organizations examination guidelines, Section 22. credit unions - IRC 501(c)(14)," accessed September 22, 2015
- ↑ National Center for Charitable Statistics, "Organizations by IRS subsection 501(c)(14)," accessed September 21, 2015
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