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Old Feb 8, 2016, 1:57 am
  #7  
oliver2002
Moderator: Lufthansa Miles & More, India based airlines, India, External Miles & Points Resources
 
Join Date: Dec 2002
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Originally Posted by baccarat_king
I believe it is a non-profit. Not all non-profits are charities, but that is not my area of expertise.
The FTEF is a 501 (c) (3) non-profit charitable organization.

https://www.irs.gov/Charities-&-Non-...-Organizations

Exemption Requirements - 501(c)(3) Organizations

To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. [...]
Organizations described in section 501(c)(3) are commonly referred to as charitable organizations. [...]
The organization must not be organized or operated for the benefit of private interests, and no part of a section 501(c)(3) organization's net earnings may inure to the benefit of any private shareholder or individual. If the organization engages in an excess benefit transaction with a person having substantial influence over the organization, an excise tax may be imposed on the person and any organization managers agreeing to the transaction.
AFAIK the FTEF is also '100% for charity (after cost expenses)'
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