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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References in periodicals archive ?
Other changes include reorganized chapters to better reflect the state of tax exempt organizations; the original preface is included.
RIA/Warren, Gorham & Lamont (Eagan, MN), a unit of The Thomson Corp., has begun the publication of three new tax journals, including Journal of Taxation of Tax Exempt organizations, Journal of Corporate Taxation and Business Entities.
Other benefits of ownership and equity participation for embassies, consulates and other related tax exempt organizations (and not-for-profit groups) include the ability to stabilize occupancy costs and take control of their office and residential environment.