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 ?
Attorney Mancuso presents information, forms, and details on how to become a nonprofit corporation in California only, under Section 501[c](3) of the Internal Revenue Code, for religious, charitable, scientific, literary, or educational purposes.
of a nonprofit corporation are not personally liable in their capacity as directors .
Most state nonprofit corporation statutes do not allow for electronic participation in an organization's governance.
The Festival of Arts became a nonprofit corporation in 1934 with the goal to "encourage and promote all appropriate activities conducive to the artistic and cultural development of the community.
DIR is a nonprofit corporation that publishes minority and women-owned business resources.
TG is a public, nonprofit corporation that helps create access to higher education for millions of families and students through its role as an administrator of the Federal Family Education Loan Program (FFELP).
The nonprofit corporation expects to take occupancy of its new headquarters before the end of the year.
KFO) is a 501(c)(3) and 150(d) Ohio nonprofit corporation whose sole member is KnowledgeWorks Foundation, an Ohio nonprofit corporation.
A nonprofit corporation headed by politically connected Harbor Commissioner James Acevedo stands to make a handsome windfall on land it bought in Winnetka for low-income rental housing that was never built, the Daily News has learned.
An independent nonprofit corporation since 2001, TransitCenter today offers its TransitChek program to more than 11,000 employers and 500,000 employees nationwide.

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