Actually, no! These terms are often used interchangeably, but they mean different things.
Non-profit means the entity, usually a corporation, is organized for a Non-profit purpose.
501(c)(3) means a Non-profit organization that has been recognized by the IRS as being tax-exempt by virtue of its charitable programs. The 501(c)(3) status offers a myriad of benefits to the designated organizations and the people they serve. These organizations are exempt from paying federal income and unemployment taxes and patrons who donate to them are allowed to claim a tax deduction for their contributions. Click HERE for more information about 501(c)(3) Non-Profit Organizations.
Tax-exemption is the result of a nonprofit organization being recognized by the IRS as being organized for any purpose allowable under 501(c)(1) through 501(c)(29). Click HERE for more information about all other Non-Profit organization types (except 501(c)(3)).
