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A not-for-profit or non-for-profit organization (NFPO) is a legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives. [ 1 ] [ 2 ] While not-for-profit organizations and non-profit organizations (NPO) are distinct legal entities, the terms are sometimes used interchangeably. [ 3 ]
A nonprofit organization (NPO), also known as a nonbusiness entity, [1] nonprofit institution, [2] or simply a nonprofit, [a] is a non-governmental (private) legal entity organized and operated for a collective, public or social benefit, as opposed to an entity that operates as a business aiming to generate a profit for its owners. A nonprofit ...
A foundation (also referred to as a charitable foundation) is a type of nonprofit organization or charitable trust that usually provides funding and support to other charitable organizations through grants, while also potentially participating directly in charitable activities.
After a nonprofit organization has been formed at the state level, the organization may seek recognition of tax-exempt status with respect to U.S. federal income tax. That is done typically by applying to the Internal Revenue Service (IRS), although statutory exemptions exist for limited types of nonprofit organization. The IRS, after reviewing ...
If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
The National Charity League Inc. (NCL) is a Costa Mesa, California-based national non-profit organization designed to encourage community service and volunteering opportunities for mothers and their daughters in grades 7–12. Founded in 1925 and incorporated in 1958, the group focuses on community service, leadership development and cultural ...
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]
Nonprofit studies or nonprofit management is a multidisciplinary field of teaching and research that focuses on practices of the nonprofit sector and can date back to the 1920s. [1] This area of inquiry examines the management and effectiveness of the nonprofit sector.
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