Global Definitions Database

A nonprofit organization approved for tax-exempt purposes under the Internal Revenue Code (IRC) and whose activity is inherently public in nature; generally includes organizations that are churches, hospitals, qualified medical research organizations affiliated with hospitals, schools, colleges and universities, have an active program of fundraising and receive contributions from many sources, including the general public, governmental agencies, corporations, private foundations or other public charities, receive income from the conduct of activities in furtherance of the organization’s exempt purposes, or actively function in a supporting relationship to one or more existing public charities; qualifies under IRC section 509(a)(1), (2), (3), or (4) as an exemption to the 501(c)(3) private foundation definition.