In this class we examine the distinctions between for profit and nonprofit organizations; with a view toward ensuring that the nonprofit meets the formation and operational requirements to have and remain eligible for IRC Section 501 status. Students are introduced to the practical techniques of filing a Form 1023 or Form 1024; and what an applicant must show in order to receive tax exempt status. Operational issues such as charitable giving rules; the regulation of fund raising; nonprofit employee compensation and risk management and avoiding personal liability are also examined.