We're pretty familiar with the treatment on charity later in the chapter, but verse three is interesting in its own right. If you were to ask 10 random people what 'charity' means, probably at least 8 or 9 would say 'giving things to people who are poor' or something to that effect. Paul clearly states here, though, that giving things to people is not charity.
You can give all your goods to the poor, you can sacrifice your life for someone, but if you don't have charity, then it doesn't matter.
What a statement. If that isn't good enough, then what is?
The answer is found in Moroni 7:47: