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Investopedia explains '501(c)'
Under subsection 501(c) there are 12 other sections that separate the different organizations according to operations. The most common include:
c(1) - Any corporation that is organized under an act of Congress that is exempt from federal
income tax
c(2) - Corporations that hold title of property for exempt organizations
c(3) - Corporations, funds or foundations that operate for religious, charitable, scientific,
literary or educational purposes
c(4) - Nonprofit organizations that promote social welfare
c(5) - Labor, agricultural or horticultural associations
c(6) - Business leagues, chambers of commerce, etc. that are not organized for profit
c(7) - Recreational organizations
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