According to the latest report from the IRS, there are now nearly 1.3 million charities and foundations in existence in America. That’s more than double the number that were around just 15 years ago! However, the total figure may drop by as many as 320,000 later this year when the IRS revokes the nonprofit status of charities that have failed to file their annual informational tax forms over the last three years. Interestingly, growth of new nonprofits may be tapering off as only about 60,000 groups applied for nonprofit status in 2010 --- a 30% decline since 2007.
Photo provided by Shutterstock.com.