nonprofit corporation

(redirected from Not-for-profit corporation)
Also found in: Financial, Wikipedia.

nonprofit corporation

n. an organization incorporated under state laws and approved by both the state's Secretary of State and its taxing authority as operating for educational, charitable, social, religious, civic or humanitarian purposes. A nonprofit corporation (also called "not for profit corporation") is formed by incorporators, has a board of directors and officers, but no shareholders. These incorporators, directors and officers may not receive a distribution of (any money from) profits, but officers and management may be paid reasonable salaries for services to the corporation. Upon dissolution of a nonprofit corporation its assets must be distributed to an organization existing for similar purposes under the "cy pres doctrine." In order for contributions to the corporation to be deductible as charitable gifts on federal income taxes, the corporation must submit a detailed application (with a substantial fee) for an Internal Revenue Service ruling that it is established for one of the specific nonprofit purposes spelled out in the Internal Revenue Code. Informational tax returns must be filed annually with the IRS and the state taxing body. In addition, the state Attorney General may have oversight powers to determine if the corporation is abiding by state laws by limiting its activities to its approved nonprofit purposes, and not milking the corporation for disguised profits. (See: corporation, charity)

References in periodicals archive ?
Over the summer, Industry Canada released its proposed Regulations for the new Canada Not-for-Profit Corporations Act (CNCA).
26 in the Super Bowl, is a not-for-profit corporation owned by 1,915 stockholders, none with a majority control of the 4,634 shares of stock issued in 1950.
an independent, not-for-profit corporation, helps promote the health of New England's economy and protect the well-being of its people by ensuring the constant availability of electricity, today and for future generations.
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 Tech Coast Venture Network (TCVN) is a not-for-profit corporation dedicated to assisting, educating and connecting entrepreneurs and emerging companies with capital and resources.
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.
AEPC is a not-for-profit corporation that assists organized labor in the group purchasing of health care services for 25 member organizations.
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.
PRS is a not-for-profit corporation that develops, operates, manages, and markets a family of 46 retirement communities and service organizations in Oregon, Washington, California, and Texas Co including Mirabella.
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.
NPHDFC), a not-for-profit corporation staffed by personnel supplied by The Enterprise Foundation.
ACHC, a private, not-for-profit corporation which is certified to ISO 9001:2000 standards, was developed by home care and community-based providers to help companies improve business operations and quality of patient care.