non-profit corporation

Definition of "non-profit corporation"
  1. A state-sanctioned organization that operates for purposes such as education, charity, social causes, religion, civic matters, or humanitarian work. It is formed by incorporators and managed by a board of directors and officers, but it has no shareholders. No one may receive profits from the corporation, although officers and managers can earn salaries for their services. On dissolution, the corporation must give its assets to a similar organization. To enable tax-deductible contributions, the corporation must be authorized by the Internal Revenue Service for a specific non-profit purpose. The corporation must file annual tax returns and must restrict its activities to its non-profit purpose
How to use "non-profit corporation" in a sentence
  1. The food bank is managed by a non-profit corporation, providing sustenance for the hungry.
  2. The animal shelter operates as a non-profit corporation, dedicated to saving homeless animals.
  3. The community health center functions under a non-profit corporation, offering affordable health care.

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