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A congressional charter is a law passed by the United States Congress that states the mission, authority, and activities of a group. Congress has issued corporate charters since 1791 and the laws that issue them are codified in Title 36 of the United States Code. [1] The first charter issued by Congress was for the First Bank of the United ...
In these instances, a charter school must form a 501(c)(3) non-profit organization. Typically this new business entity forms a school board to oversee the operations of the new public charter school. However, they may then choose to contract with a CMO to provide management related services. Examples include: Knowledge Is Power Program; Imagine ...
Directors and officers of non-profits owe a fiduciary duty to the non-profit and its beneficiaries similar to the duties owed by directors and officers of for-profit corporations. [6] Non-profits can have vicarious liability for injuries caused by their employees or volunteers to third parties, such as by traffic accidents. For this reason it ...
Many states have adopted laws that require that the holder of the school charter be a non-profit organization. As a result, the most common form of a charter management organization is a 501(c)(3) non-profit organization. The charter holder may contract all aspects of school operation to an education management organization.
[37] [38] A private nonprofit organization, GuideStar, provides information on 501(c)(3) organizations. [39] [40] ProPublica's Nonprofit Explorer provides copies of each organization's Form 990 and, for some organizations, audited financial statements. [41] Open990 is a searchable database of information about organizations over time. [42]
The Australian Charities and Not-for-profits Commission (ACNC) is the regulatory authority for charities and not-for-profit organisations within Australia. The Commission was established in December 2012 as part of the Australian Charities and Not-for-profits Commission Act 2012 passed by the federal parliament, and is responsible for registering charities and non-profit organisations ...
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A mutual-benefit nonprofit corporation or membership corporation, in the United States, is a type of nonprofit corporation chartered by a state government that exists to serve its members in ways other than obtaining and distributing profits to them. Therefore, it cannot obtain IRS 501(c)(3) non-profit status as a charitable organization. [4] [5]