501(c)(3) School

What is a 501(c)(3) school?

Nonprofit organizations exempt from federal income tax are given 501(c)(3) designation by the Internal Revenue Service (IRS). This designation indicates that donations to the nonprofit may be tax-deductible.

As a nonprofit University, Goodwin is considered a 501(c)(3) school.

How do nonprofit organizations earn 501(c)(3) designation?

To be considered for 501(c)(3) designation, organizations must apply with the IRS using Form 1023. The IRS analyzes various factors when determining whether a nonprofit qualifies or not.

While the IRS weighs many variables when assessing eligibility, some considerations include:

  • Financial history and records: 501(c)(3) nonprofits must maintain thorough financial records documenting the organizations’ earnings and spending.
  • How the organization operates: Each nonprofit should have a board of individuals who oversee organizational operations.
  • The organization’s purpose: Organizations should be primarily dedicated to providing charitable, educational, religious, or other services and supports offering a public benefit.

Does 501(c)(3) status reduce the cost of tuition?

501(c)(3) designation does not directly affect the cost of tuition. However, as a nonprofit school, donors’ and benefactors’ generous contributions provide opportunities for students to receive private grants and scholarships. This benefits many learners, including undocumented and DACA students, who are not eligible for federal financial aid.

At Goodwin, we believe you deserve an accessible and affordable education. That's why we offer comprehensive financial aid opportunities, including grants and scholarships that don't require repayment, work-study opportunities that provide a steady paycheck, and various student loans. Learn more about how Goodwin can help support your personal and professional success today!

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