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.
VIP's bylaws also state it will adhere to the rules governing nonprofit corporations under the IRS and state taxation code and not ``expressly (advocate) for or against the nomination or election of a candidate or candidates for public office.
The Valley Economic Development Center is a community-based nonprofit corporation that offers training, consulting, technical assistance and financing to small- and medium-size businesses.
The five-year-old organization is a nonprofit corporation financed by local businesses and government agencies, aimed at improving the Antelope Valley economy by attracting and keeping employers.
The courthouse is not technically owned by Los Angeles County, but by a nonprofit corporation - the Los Angeles County Courthouse Corporation - established by county supervisors in 1984 so the county doesn't have to ask voters to approve bonds.
LANCASTER - Antelope Valley Hospital officials say a nonprofit corporation set up by the hospital - a source of controversy in the early 1990s - is improperly withholding about $100,000 of hospital funds.
The Chorale was established in 1998 as a nonprofit corporation by founding directors Jill Hackett and Deb Baur.

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