lawof non-profit corporations outline（非营利企业法概述）.docVIP

Law of Non-profit Corporations Outline Jill Manny – Fall 2004 Basic Laws, forms, etc. §501 – duh §170 – tax deduction for charitable contributions (remember percentage limits on taxable base) ( not complete overlap (foreign organizations do not qualify) Form 1023 – application form (under $5000 and churches need not file Form 990 – annual reporting 501(c)(3) ???“(3) Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment), or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation (except as otherwise provided in subsection (h)), and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office.” Introduction Non-profits can make a profit! The difference is the non-distribution principle, profit has to be used for public purposes, not private purposes (cannot be distributed to members, directors, or employees, only reasonable compensation) Hansmann’s non-distributional constraint: “A nonprofit organization is, in essence, an organization that is barred from distributing its net earnings, if any, to individuals who exercise control over it, such as members, officers, directors, or trustees.” Two big categories: public serving organizations – public charities and foundations (501c3), social welfare (501c4), 527 political organizations (at least in theory mutual benefit (member-serving) organizations – formed to f