I know that non-profits are tax exempt - but private parochial schools tax exempt? They are making a profit.
2007-08-28 12:33:56 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Generally, parochial schools are tax-exempt non-profits.
2007-08-28 13:46:22 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
A parochial school (also known as a faith school or a sect school) is a type of school which engages in religious education in addition to conventional education.
Therefore, being associated with a faith and/or church makes them tax-exempt. And they really aren't supposed to be making profits. If it seems that their P & L statement shows a profit, there may be some outlying expense that it may be contributed to.
2007-08-28 12:43:51 · answer #2 · answered by Country Boy 5 · 0⤊ 0⤋
Nope, they are not "making a profit". Churches are non-profit organizations.
2007-08-28 12:56:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most do not
2007-08-28 12:41:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋