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., See also eleemosynary corporation.

References in periodicals archive ?
Between 1990 and 2002, the number of Utah charitable nonprofit corporations with Internal Revenue Service reporting requirements (those grossing more than $25,000) nearly tripled to more than 1,400 organizations.
So, they created Mendenhall Ministries, a nonprofit corporation, and built a business complex that today includes a health clinic, law office, elementary school, thrift store and recreation center.

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