non-profit 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).

non-profit organization

an organization which attempts to achieve an objective other than profit, for example, a charity.
References in periodicals archive ?
Paul's College in Makati to temporarily stop the Bureau of Internal Revenue (BIR) from implementing a tax exemption memorandum for non-profit corporations, but subject to posting of a P4-million injunction bond.
20, which was issued on July 22, 2013, prescribes policies and guidelines in the Issuance of Tax Exemption Rulings to qualified non-stock, non-profit corporations and associations under Section 30 of the National Internal Revenue Code of 1997.
(NEOnet) is launching a Satellite Internet for Remote Areas program (SIRA) pilot project aimed at helping small businesses and non-profit corporations obtain broadband services via satellite.
* two types of non-profit corporations: "soliciting corporation" that solicits public donations or receive government funding and "non-soliciting corporation".
"The charter school law requires that these schools be organized public, non-profit corporations," she says.
Through the Hudson Country Improvement Authority, the fund has allowed municipal governments or qualified profit or non-profit corporations to borrow funds at about two points below market interest rates by using proceeds from tax-exempt bonds.
"We have contacted colleges and universities, research institutes and private corporations, as well as non-profit corporations to become part of the process."
The Economic Development Corporation initiated the proposal in order to stem the departure trend of national and international non-profit corporations from the city.
CITCs were transformed from advisory bodies to provincial non-profit corporations.