non-profit 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).

non-profit organization

an organization which attempts to achieve an objective other than profit, for example, a charity.
References in periodicals archive ?
Twelve of the hospitals are members of the Prime Healthcare Foundation, a 501(c)3 public charity with a mission of providing quality, compassionate healthcare for all.
For example, assume significant donor X wanted to establish and fund a new museum, rather than contribute to an existing museum that qualifies as a public charity on the basis that it is publicly supported.
It is very important for a public charity to have an experienced management team to recognize potential problems before they arise.
For transferring assets into a public charity or supporting organization, IRC [section] 509(a) specifies throe such types of organizations, with various tests the receiving organizations must meet for public support.
Here is the central argument: Hospitals long ago outstripped the bounds of the normal public charity model and as a result their tax exempt status has become an anti-competitive shield rather than the intended idea of facilitator of a public good.
On appeal, the state supreme court held that Afton qualified as a public charity, noting that an institution is a charity when it provides a substantial proportion of its goods free of charge or at prices far below market value or cost.
To receive the same percentage limitations as contributing to a public charity or an SO, a PNOF can elect pass-through status, which is the same as being treated as a public charity for that year.
Although the members would not vote out directors often, this power would be an important safeguard to ensure that the supporting organization is responsive to the needs of the public charity that it supports.
First, the article briefly comments on the degree of control a donor might exercise with regard to a donor advised fund without causing the fund to lose public charity status.
Foundation Source, the nation's largest provider of outsourced support services for private foundations, announced the launch of GrantSafe[TM], a free online service that lets private foundations quickly and easily confirm the IRS status of any public charity before making a grant.
25 May 2017 - US-based public charity and hospital operator Prime Healthcare Foundation has signed a definitive agreement for the acquisition of Texas, US-based 297-bed community hospital Mission Regional Medical Center, the foundation said.
In REG-134974-12, the IRS proposes expanding the types of tax professionals on which private foundations may rely when making good-faith determinations as to the public charity status of foreign grantees.

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