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 ?
The IRS has required not-for-profit organizations to disclose the FMV of benefits; when a donation exceeds $75, not-for-profit organizations must provide written disclosure of a good faith estimate of the value of the benefits received.
Not-for-profit organizations, because of their tax-exempt status, may be inclined only to do the bare minimum to comply with FIN 48.
Many communications that not-for-profit organizations take for granted in dealing with government officials may fall within the definition of lobbying.
Novotny discussed the effects of Sarbanes-Oxley on not-for-profit organizations and how to effectively apply those principles to individual organizations.
Flynn has also received numerous humanitarian awards, nationally and internationally, from businesses and from not-for-profit organizations. These include the Ubi Caritas Deus Thi Award, the highest honor of Catholic Charities.
Not-for-profit organizations can be fantastic resources for low-income people with disabilities.
HCR Manor Care Foundation, a leading owner and operator of long-term care facilities in the United States, has awarded grants totaling $101,398 to five not-for-profit organizations dedicated to services, education, or research on behalf of seniors.
117, Financial Statements of Not-for-Profit Organizations. This statement establishes standards for general-purpose external financial statement reporting by not-for-profit organizations.
New accounting standards released last summer by the Financial Accounting Standards Board (FASB) are significantly changing the way not-for-profit organizations account for charitable contributions.
five regional awards Social Innovator to recognize the contributions of not-for-profit organizations, including not-for-profit social enterprises that find and use innovative approaches that address social challenges in their communities.