nonprofit corporation

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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).

nonprofit corporation

A corporation formed for a nonprofit purpose, such as charitable, educational, political, social, or trade organizations. Usually called a 501(c)(3) corporation after Section 501(c)(3) of the Internal Revenue Code.All such corporations with tax-exempt status are required to file annual reports with the IRS on Form 990.You may view the tax deductibility of contributions and past 990 forms for particular organizations free of charge at the Web site for Philanthropic Research, Inc., www.guidestar.org. See also eleemosynary corporation.

References in periodicals archive ?
If a not-for-profit corporation derives more than $10,000 from the public or government during a fiscal year, that triggers a set of enhanced accounting and disclosure requirements.
The Illinois General Assembly has amended the General Not-For-Profit Corporation Act of 1986, requiring not-for-profit corporations to inform their employees by written notice or in their employment contract that they are not eligible for unemployment insurance benefits.
The Fashion Center Business Improvement District, a not-for-profit corporation, was established in 1993 to improve the quality of life and economic vitality of Manhattan's Fashion District.
Together they make decisions for Niigon's not-for-profit corporation.
Desert Area Resources and Training is a private, not-for-profit corporation that serves people with developmental disabilities such as mental retardation, epilepsy, cerebral palsy and autism.
Health care bonds enable a for-profit assisted living company to sell an existing facility to a not-for-profit corporation for cash while maintaining management of the facility for up to fifteen years.
In 1969, the United Cancer Council (UCC), a not-for-profit corporation whose stated purpose was to engage in cancer research, education and patient service, received an IRS ruling stating it was a tax-exempt charitable organization and donations to it were deductible for tax purposes.
The public-private, not-for-profit corporation will be chaired by Mayor Daley and overseen by a board of directors of Chicago business leaders appointed by the Mayor.
The Suffolk Community College Foundation is a 501(c) 3 not-for-profit corporation formed to develop additional resources to enable the college to provide quality educational experiences for its students.
The vice president of the not-for-profit corporation called a talk radio program Friday morning and told the rabbit's owners, Pepi and Jodi Novick, that he would do the burial for free at his pet cemetery, which is the final resting place of such animals as Hopalong Cassidy's horse, Humphrey Bogart's dog and Charlie Chaplin's cat.
a not-for-profit corporation supported through the Ontario Ministry of Economic Development and Trade's (MEDT) Ontario Centres of Excellence program.
Established in 1982, the Best of New York Award Dinner is hosted by the New York City College of Technology Foundation, a not-for-profit corporation chartered in 1981 to support the College in meeting and its educational mission.