Nonprofit Organization

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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).
References in periodicals archive ?
Sciarappa discussed how not-for-profit organizations are rated and provided information from four separate watch-dog groups specifically designed to better inform potential donors.
Volunteers tend to join the boards of not-for-profit organizations because they are committed to the organization's purpose.
First, not-for-profit organizations must issue financial statements that include a statement of financial position, a statement of activities, a statement of cash flows and accompanying notes to the financial statements.
Two Statements of Financial Accounting Standards (SFAS) were issued: Number 116 -- Accounting for Contributions Received and Contributions Made, and Number 117 -- Financial Statements of Not-for-profit Organizations.
With the current economic and political environment, corporate grants are the lifeblood of many not-for-profit organizations," stated Carol Parry, managing director of Chemical's Community Development Group.
Filled with authoritative advice on the financial reporting, accounting, and control situations unique to not-for-profit organizations, Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition is recognized by professionals as the industry standard reference on not-for-profit finance and accounting.
The buildings have proven an attractive location for not-for-profit organizations.
To this end, a number of governmental and not-for-profit organizations have developed strategic plans to identify decisions and actions to guide them in fulfilling their mission.
If you are a not-for-profit organization, it is possible to obtain 100 percent financing using tax-exempt bonds.
We have updated Appendix D, Summary of Emerging Issues for Not-for-Profit Organizations, which highlights accounting, financial reporting, tax, and regulatory compliance issues, including their potential impact.
David Lebenstein and Arlene Wysong, both of Colliers ABR, announced that three not-for-profit organizations, Medical Health Research Association (MHRA), one of the five largest not-for-profit organizations in New York City; Professional Staff Congress (PSC), the labor union which represents the over 13,000 CUNY faculty members; and Gillen-Brewer School, a widely regarded school for autistic children below the fifth grade, have all signed agreements for commercial space in New York.
056507CPA07) is a must for CPAs working with or for not-for-profit organizations and governments of all sizes.