nonprofit status
Charitable organization classification
Nonprofit status is the legal classification that exempts an organization from paying income taxes because it operates for charitable, educational, religious, or other public-benefit purposes rather than to generate profit for owners or shareholders.
Organizations must apply for this designation and meet ongoing requirements: The foundation finally received its nonprofit status after months of paperwork.
In the U.S., this typically refers to 501(c)(3) status under the Internal Revenue Code.
- tax exemptionFreedom from governmental levies
- tax exemptFree from fiscal obligation
- bylawsOrganization's internal regulations
- 501(c)(3)Nonprofit tax classification
- incorporationForming a legal entity
board of directors · public benefit · public charity · charitable trust · doing good · giving back · social impact · governance · fiduciary duty · grant · executive director · volunteers · regulatory oversight · advocacy · fundraising · compliance · beneficiaries · grant writing
- philanthropydonations, charity work, donate, give, giving
- church-statechurch-state, separation, church-state separation, establishment clause, religious accommodation
- legal statuslegal capacity, personhood, legal entity, legal identity, legal standing
- incorporationarticles of incorporation, incorporator, incorporation, incorporators, registered agent
- nonprofit law501(c)(3), charitable trust, tax exemption, public charity, private foundation
- cooperativesco-op, credit union, worker co-op, housing co-op, co-ops
nonprofit statuscommercial enterprise
Profit-seeking organization
private enterprise · privately held company · sole proprietorship · partnership · LLC