Ms. Barbara Bohmann,
Auburn University Federal Credit Union
Donahue & Thach
Re: Tax-exempt Status of Federal Credit Unions (Your June 28, 1991 Letter)
Dear Ms. Bohmann:
You asked whether federally chartered credit unions qualify as Section 501(c) organizations under the Internal Revenue Code. Please be advised that federal credit unions are exempt from taxation pursuant to I.R.C. Section 501(c)(1), 26 U.S.C. ~501(c)(1).
James J. Engel
Deputy General Counsel