An exempt organization is a type of entity that is exempt from federal income tax under the Internal Revenue Code (IRC) based on its purpose and organizational structure. These organizations are commonly known as nonprofits or not-for-profits.
Donations for political or charitable purposes made by an organization. Under the Companies Act, a disclosure of such a donation has to be made by companies that are not wholly owned subsidiaries and have given in aggregate more than £200 in the financial year.
A public benefit entity (PBE), also known as a not-for-profit organization, refers to an entity whose primary objective is to provide goods or services for community or societal benefits rather than for profit.
A specific kind of nonprofit organization in the United States exempted from federal income tax under section 501(c)(3) of the Internal Revenue Code. These organizations must fulfill certain criteria related to purpose, earnings, lobbying, and political activities.
A retirement vehicle permitted under Section 403(b) of the U.S. Internal Revenue Code for employees of a public school system or a qualified charitable organization.
A retail store selling second-hand goods at reduced prices, often associated with churches and charitable service organizations such as the Salvation Army.
Ultra vires is a Latin term meaning 'beyond the powers,' used to denote actions taken by officials or corporations that exceed the authority granted to them by law or constitutive documents.
