ASC X12

Categories: Tech

ASC X12 may sound like R-2 D-2’s new love interest. In fact, it stands for Accredited Standards Committee X12.

ASC X12 is a non-profit organization that focuses on the use of interoperable electronic data interchange standards...obviously. The stated mission of ASC X12 is to make data more exchangeable.

For example, if you export something out of PayPal and want to use it in QuickBooks, PayPal exports in a standard format, and QuickBooks would be able to read that standard format. Data has been transferred from one application to another without having to do old school recoding. ASC X12 would create and set the standards that facilitate the exchange of data like this.

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Finance: What is a 501c3?8 Views

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Finance a la shmoop... what is a 501c3.... well it's a charity people and it [Man discussing 501c3 charity]

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sounds way cooler if you call it a number and with a letter than a number

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right 501cPO...remember 007 yeah, way cooler than just

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James right all right well 501c3 is the United States legal code number that

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created space for federally tax-exempt charities that's a C there; C for

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charity and there are 29 flavors of charitable category that they addressed [Ice cream flavors]

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now the government's working hard to catch up to baskin-robbins numbers but

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they're not there yet specifically some of those 29 flavors [Girl given an ice cream cone]

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include religious organizations, scientific literary or educational

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charities, charities for amateur sports, testing for public safety kind of

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charities yeah like the crash dummies charities involving cruelty to children [Woman on a swing with a child]

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women and animals and yeah most of these are anti so why the special treatment

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well if a 501c3 follows the many strict rules to maintain its nonprofit status

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then donors giving money to it get to deduct that money right off the top when [Donor gives money to charity]

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they're doing their taxes like if a tax payers paying 40 percent marginal tax

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and they donate a dollar well that dollar only costs um 60 cents to donate

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the US government essentially underwrites charitable donations at

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least to a point like they forgive 40 cents of tax in that dollar and that's a

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good thing we need noblesse oblige charities in the world they do good work

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well most of them do.. [People standing behind charity stalls]

Find other enlightening terms in Shmoop Finance Genius Bar(f)