CFC Eligibility Requirements
To participate in the CFC as a member of the federation, organizations
must be active in arts and culture and meet the following requirements
established by the U.S. government:
-
Be 501(c)(3) tax exempt
-
Provide services in at least 15 states or at least one foreign
country
-
Account for funds on an accrual basis in accordance with generally
accepted accounting principles (GAAP)
-
Commission a full-scale audit by an independent certified public
accountant; the audit must be prepared using generally accepted
auditing standards (GAAS) or international equivalents
-
File an accrual-basis Form 990 with the Internal Revenue Service
(unless IRS rules do not require the organization to file)
-
Be governed by an active and responsible board whose members have
no material conflict of interest and a majority of whom serve without
compensation
|
