This just in folks, we can no longer waiting for anyone.  People you had your chance.

Rumor control and these are the facts:

Source: http://answers.com/topic/501-c

A subsection under the United States Internal Revenue Code. The subsection relates to non-profit organizations and tax law and identifies which non-profit organizations are exempt from paying federal income tax

Investopedia Says:
Under subsection 501(c) there are 12 other sections that separate the different organizations according to operations. The most common include:

c(1) – Any corporation that is organized under an act of Congress that is exempt from federal
income tax
c(2) – Corporations that hold title of property for exempt organizations
c(3) – Corporations, funds or foundations that operate for religious, charitable, scientific,
literary or educational purposes
c(4) – Non-profit organizations that promote social welfare
c(5) – Labor, agricultural or horticultural associations
c(6) – Business leagues, chambers of commerce, etc. that are not organized for profit
c(7) – Recreational organizations


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