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 ?
Over the summer, Industry Canada released its proposed Regulations for the new Canada Not-for-Profit Corporations Act (CNCA).
Section 513(c) of the not-for-profit corporation law states that the value of endowment assets when given to a not-for-profit corporation, known as the historic dollar value, may not be expended by the corporation.
Established in 1982, the Best of New York Award Dinner is hosted by the New York City College of Technology Foundation, a not-for-profit corporation chartered in 1981 to support the College in meeting and its educational mission.
The Foundation is a 501(c3) private not-for-profit corporation that will construct, own, operate, and maintain the World Trade Center Memorial, an on-site museum and a performing arts buildings.
The Brooklyn Navy Yard Development Corporation is a not-for-profit corporation that manages the Navy Yard under a lease with the City of New York.
The Brooklyn Navy Yard Development Corporation a not-for-profit corporation, manages the Brooklyn Navy Yard under a lease with the Yard's owner, the City of New York.
The Chappaqua School Foundation is a community-supported not-for-profit corporation created to provide financial support for worthy projects and programs beyond the operating budget of the Chappaqua School District.