Non-profit organizations like the Peter Sheehan Diabetes Care Foundation (or PSDCF) that the WoundHSI conference is part of, operate largely thanks to donations. Nonprofits that are classified as 501(c)(3) are tax-exempt, but cannot generate a profit past a certain amount. This means that an organization’s programs and initiatives in place that aim to support its mission receive funding from donors to accomplish its work.
Continue reading to learn more about what exactly a 501(c)(3) non-profit entity is, what that status means, and how your donations help wound healing foundations like the PSDCF.
What is a 501(c)(3) Non-Profit?
In short, 501(c)(3) nonprofits are organizations that fall under several industry categories. They can be part of the education industry, act as literary groups, be a religious institute, or be a healthcare organization. These nonprofits are exempt from federal taxes under the condition that none of the organization’s earnings and revenue are utilized for private benefit.
What this means is that a 501(c)(3) cannot serve the private interests, or private benefit, of any one person or other organization besides itself, and even then, it’s limited in the amount it can receive. Essentially, board members, directors, and key employees cannot receive benefits from a nonprofit's assets or income.
Furthermore, nonprofits are unable to encourage their members to either support or oppose specific legislation, verbally endorse or financially contribute to a political campaign, or generate significant income from purposes unrelated to their business.
In addition, to maintain a 501(c)(3) tax-exempt status, an organization needs to fulfill annual reporting obligations, and continue to operate per its stated nonprofit purposes. This means that if an organization were to become profitable, it would need to re-file itself as a for-profit entity, and would be required to pay appropriate taxes. Thus, losing its nonprofit status.
At their core, 501(c)(3) nonprofits exist to accomplish a specific mission. Missions to promote literacy, accessibility to water or STEM education, or conserve natural environments are all examples of non-profit missions you may have heard of before.
What is a Wound Healing Foundation’s Core Mission?
PSDCF’s core mission is focused on tackling the global diabetes epidemic through a comprehensive and community-based approach to care. Our priority is to help both healthcare companies and research organizations equip communities with the tools and resources to curb diabetes and its associated chronic conditions, and develop meaningful solutions for diabetes management.
Because diabetes affects more than 10% of the global population (and is expected to grow), spurring innovations in the way the condition is treated and managed is important for communities everywhere. What’s more, diabetes is one of the leading causes of death throughout the world, with close to 1.5 million lives lost directly from the condition in 2019. The condition is most prevalent in low-and middle-income countries.
Diabetes, when poorly managed or unaddressed, can also lead to:
- Heart attacks
- Kidney failure
- Lower limb amputation
Ways Your Donations Help
By uniting research organizations, healthcare systems, and industry leaders at our annual WHSI Conference, we facilitate innovations in the prevention and care of diabetes. The WHSI Conference serves as a platform for vascular surgeons, as well as academics and researchers to network with, and hear from, healthcare technology and pharmaceutical companies.
A primary goal of the WHSI Conference is to act as a forum for developing better accessibility to diabetes care and prevention around the world.
If you’d like to learn more about the work we do and how your donations help accomplish that work, you can reach out to us at: firstname.lastname@example.org.