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About Nonprofits The nonprofit organization is a particularly American institution. While other societies expect the government to provide for all of their citizens' needs, Americans rely on each other and are eager to volunteer when needed to improve society. This is a part of the independent spirit that has always influenced this country. There are over a million nonprofit organizations in the country at this time which make up over twelve percent of the economy. They are estimated to control nearly two trillion dollars in assets. And as our society becomes wealthier in the new century, we can expect many more nonprofit organizations to be formed. The new millionaires and billionaires cannot possibly spend all their wealth on themselves or their families, so they will likely direct some of it into organizations which promote causes which they favor. Whether you have enough money to fund a nonprofit organization yourself, or plan to rely on the generosity of others, the nonprofit corporation is the best vehicle for aiding a cause in which you believe. And whether you seek a cure for cancer or just closer ties among your ethnic group, the nonprofit corporation can help you claim all the benefits given to such organizations and establish something which can continue forever. The benefits of nonprofit status are numerous. The best known of these is the tax-free status. But nonprofits also enjoy lower postage rates, discounts from some businesses, lower governmental fees, the ability to qualify for private and government grants, and free air time or ads by some media outlets. Many nonprofits can attract funds from taxpayers because donations to them are deductible. Although it is commonly thought that the Internal Revenue Service grants exemptions to nonprofit organizations, technically, the IRS merely checks to see whether an organization is exempt. Subsequently, the IRS is the only agency that can declare that your organization is indeed and exempt nonprofit organization. For more information on nonprofit corporations, click here. |
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