nonprofit corporation


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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 ?
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 Harrah's Foundation is a 501c(3) nonprofit corporation that provides charitable contributions to qualifying organizations in the communities where employees of Harrah's Entertainment, Inc.
is a community-based private nonprofit corporation which offers training, consulting, technical assistance and financing to small- and medium-size businesses.
based nonprofit corporation, was announced Tuesday, July 25, by IC Corporation at the 13th Annual School Transportation News Expo in Reno, Nevada.
They're the ones who authorized the nonprofit corporation to collect the fees for local movie shoots, and they're the ones charged - by themselves - with overseeing the EIDC's operations.
The New Hampshire Higher Education Loan (Corporation) is a 501(c)(3) nonprofit corporation incorporated on February 24, 1983 under the laws of the State of New Hampshire for the purpose of providing low cost financial assistance to eligible students or their parents.
EIDC officials contend that they represent a private, nonprofit corporation and that the $450 they keep per movie shoot to coordinate locations aren't public funds.
An independent nonprofit corporation, TransitCenter is the only specialized provider of tax-free commuter benefits, transit information and assistance.
It would have closed, said Ann Britt - only half-jokingly - if anyone working there had possessed the slightest idea of how to shut down a nonprofit corporation.
The long-sought effort to build a new hotel adjacent to the Los Angeles Convention Center should be overseen and financed through a nonprofit corporation able to issue tax-exempt bonds, according to a city report released Monday.

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