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501(c)(3) organization

A type of tax-exempt organization in the U.S., typically a public charity or private foundation, organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes.

501(c)(7) organization

A type of tax-exempt organization in the U.S. that includes social clubs, fraternities, sororities, and other groups organized for pleasure, recreation, and other nonprofitable purposes.

Internal Revenue Code of 1986

The official compilation of all U.S. federal tax laws.

Tax-exempt status

A privilege granted by the government that frees an organization from paying federal income taxes, usually because it serves a public purpose.

Collegiate housing property

Housing where almost all residents are full-time students at a college or university in the local community.

Grant

A sum of money given by an organization for a particular purpose.