We are currently a 501(c)(3).
We are 501(c)(3) so that our donors are protected from the burden of proving their contributions are tax-deductible. It is in the favor of all those that give generously to ensure they are granted the ability to include their donations at tax time. Here is a reference.
https://www.startchurch.com/blog/view/name/whats-the-difference-between-508-and-501c3