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 ?
is a 501(c)3 not-for-profit corporation created for the purpose of managing the Culligan City of Palms Classic.
The prestigious CPE designation was granted by the Certifying Commission in Medical Management, a not-for-profit corporation established by the American College of Physician Executives to serve as the national certifying body for physicians specializing in medical management.
NPCC is a not-for-profit corporation in New York responsible for promoting and improving the reliability of the international, interconnected bulk power system in Northeastern North America.
Article 9 of the New York State Not-for-Profit Corporation Law provides guidance for mergers and consolidations.
ILEP is a not-for-profit corporation with tax deductible 501(c)(3) status.
Get ready to review the legislation and ask questions--to get information, opinions, and advice--on how each not-for-profit corporation will respond to the new rules.
The Association of Florida Dependency Defense Attorneys, a Florida not-for-profit corporation, is now accepting nominations to recognize attorneys who are dedicated to and accomplished in defending parents in dependency and/or termination of parental rights cases.
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.
An independent not-for-profit corporation. Promotes applied aquaculture research, assists in the formulation of policies favorable to industry growth, serves as a clearing house for aquaculture information, and liaises with government organizations, aquafarms and general public.
Current economic conditions are expected to keep peak demand for electricity relatively unchanged from 2008 levels, said Vamsi Chadalavada, chief operating officer of the Holyoke, Mass.-based not-for-profit corporation.
ICANN has been registered in the state of California as a not-for-profit corporation. "In the long run, it is not defensible that the government department of only one country has oversight of an internet function which is used by hundreds of millions of people in countries all over the world," Reding said.
ICANN is a private not-for-profit corporation charged with coordinating the management of technical elements of the domain name system (DNS) so that all users can connect to all valid site addresses.