Nonprofit


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Related to Nonprofit: Nonprofit organizations

Nonprofit Organization

An organization that operates as if it were a business but does not seek a profit. Common examples of nonprofits include charities, private schools, and think tanks. Nonprofits do not pay taxes; donations to many are tax-deductible, at least up to certain limits. In order to qualify for this status, however, a nonprofit must register with the IRS, under section 501(c) of the tax code. See also: 403(b).

Nonprofit.

Charitable, cultural, and educational organizations that exist for reasons other than providing a profit for their owners, directors, or members are nonprofit organizations.

However, these organizations can generate income to pay for their activities, salaries, and overhead by charging for services, making investments, and soliciting donations and memberships.

A nonprofit arts center, for instance, may charge patrons for tickets and event subscriptions.

Nonprofits incorporate in the states where they operate and are exempt from the state income taxes that for-profit corporations must pay. Some but not all qualify for federal tax-exempt status under section 501(c)(3) of the Internal Revenue Code.

Contributions to those qualifying organizations are tax deductible, though tax rules govern the percentage of your income you may deduct for gifts to different types of nonprofits.

In exchange for these tax benefits, nonprofits must comply with some of the same financial reporting rules that for-profit corporations follow.

For instance, nonprofits generally must follow corporate governance rules and make their financial reports available to the public.

References in periodicals archive ?
5, 2015 /PRNewswire/ -- The nonprofit job market is getting more competitive as organizations recover from the recession and start expanding staff.
So says Bridgestar, a nonprofit initiative of the Bridgespan Group dedicated to attracting, connecting and supporting senior leaders for the nonprofit sector.
Sponsored by the nonprofit Restaurant Opportunities Center of New York (ROC-NY), Colors required $2.
On June 23, 2004, the Senate Finance Committee (SFC) announced recommendations in response to publicized nonprofit abuses.
Within the long term care community, 5,600 facilities identify themselves as nonprofit organizations affiliated with the American Association of Homes and Services for the Aging (AAHSA).
Given the size and economic importance of the nonprofit sector, not-for-profits shouldn't wait for legislators and regulatory bodies to develop preventative guidelines and procedures.
In 1982 Kaiser was elected to his first nonprofit board at Corning Hospital while working as a business manager for Corning Inc.
Many nonprofit groups don't realize that they are an industry and an important socioeconomic force in the community,'' said Resource Center executive director Laura Piening.
Throughout history, the rise of the nonprofit sector has paralleled the rise of democratic societies.
Because neither the government nor the media displays much of an interest in the nuts and bolts of nonprofits, the entire nonprofit sector, which controls hundreds of billions of dollars, is left in the hands of a few administrators charged both with spearheading their organization and auditing their own actions.
The Nonprofit Center at Philadelphia's La Salle University School of Business, presents nonprofit expert Peter Brinckerhoff and his concept of nonprofit organizations as mission-based businesses, to keynote its 2008 Nonprofit Strategies Forum on June 3 at the Hub Cira Center in Philadelphia.
The nonprofit sector is a great place to find employment and grow a career.

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