NanoLab Foundation is a State of Georgia registered nonprofit charity organization organized exclusively for public benefit and charitable, educational and scientific purposes exempt from federal income tax under section 501 ( C ) (3) of the Internal Revenue Code.
The changes that we expect to occur with the existence of our nonprofit organization include contributing to educating needy students in science & technology; training more employable high-tech skill workers; increase in economic activities, alleviating poverty, increasing incomes, raising new entrepreneurs, preventing community deterioration, reducing juvenile delinquency, and lessening government burdens.
The target beneficiaries for our micro nanotechnology/advanced manufacturing education and infrastructure programs and projects are underprivileged and underserved schools, colleges and universities; and poor, distressed, and economically disadvantaged communities. Additionally, our model or exploratory or pilot scale enterprises target unemployed youth who are in high school, community college, and university graduates. We also target unemployed veterans and workers from closed or liquidated plants/factories.
Furthermore, we provide third-party product evaluation, testing and certification services for micro/small enterprises and individual inventors to improve economic activities in disadvantaged communities
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Most nonprofits are 501(c)(3) corporations, which means they are formed for religious, charitable, scientific, literary, or educational purposes and are eligible for federal and state tax exemptions.
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An IRS determination of 501(c)(3) status is recognized and accepted for other purposes. For example, state and local officials may grant exemption from income, sales or property taxes. .