What is a 501c3 not-for-profit organization?

COMMON Foundation is a 501(c)(3) not-for-profit organization.

A 501(c) organization, or simply a 501(c), is a tax-exempt nonprofit organization in the United States. Section 501(c) of the United States Internal Revenue Code (26 U.S.C. § 501) provides that 29 types of nonprofit organizations are exempt from some federal income taxes.

The most common type of US tax-exempt nonprofit organization falls under category 501(c)(3), whereby a nonprofit organization is exempt from federal income tax if its activities have the following purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering amateur sports competition, or preventing cruelty to children or animals.