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).
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"We will look into the minimum information that is necessary for establishing policies to restrict concentration of wealth into nonprofit corporations."
The most effective systemic change is to make it easier for nonprofit corporations to walk through the exit door.
(7) But, with the notable exceptions of the whistleblower and document-retention provisions, Sarbanes-Oxley does not apply to nonprofit corporations. (8)
Most jurisdictions subject directors of nonprofit corporations to the same fiduciary standards that apply to directors of for-profit corporations.
New businesses (including nonprofit corporations) often do not incorporate because their managers are nobly trying to reduce cash outflows, reduce burdens on volunteer (or meagerly paid) staff, or managers simply don't recognize the importance of incorporation.
nonprofit corporations, however, may vote by mail, telephone, telegram, cablegram, e-mail, or any other means of electronic or telephonic transmission, as long as it can be determined that the method of voting chosen was authorized by the member.
The second book, the Guidebook for Directors of Nonprofit Corporations, is intended to be just that: an aid to directors of nonprofit organizations.
Janavs ruled that state law does not permit nonprofit corporations to place any restrictions or conditions on their board members' inspection rights.
If these were classified as campaign contributions, it would be illegal for businesses, unions, and nonprofit corporations to make them at all.
In September, the board of directors sought a legal opinion under the California Nonprofit Corporations Code, which limits the power of members' initiatives.
28 Kyodo A total of 879 nonprofit corporations have failed to declare 14.94 billion yen in income in the year through June, tax officials said Thursday.
Two new state-specific CD-ROMs have been released, including Advising California Nonprofit Corporations, from the California Continuing Education of the Bar (Berkeley, CA), and Law on Disc for Rhode Island, published by Lexis Law Publishing (Charlottesville, VA).

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