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No. A 501(c)(3) can be just as "private" as any other corporatation; it just means that it's formed for a nonprofit purpose. Just like regular, privately-held corporations' books, records, and meetings are not open, a 501(c)(3)'s doesn't have to be, either.

2007-03-06 08:17:25 · answer #1 · answered by Perdendosi 7 · 1 0

Some states require charities to file reports with the secretary of state or attorney general to show how they spend the money they raise. Section 501(c)(3) is a federal law and it only requires that the organization operate for an exempt purpose.

2007-03-06 10:46:26 · answer #2 · answered by mattapan26 7 · 0 0

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