Definitions for "Nonprofit Organization"
A nonprofit organization is a corporation formed for purposes other than generating a profit and in which no part of the organization's income is distributed to its directors or officers. Nonprofit organizations are formed pursuant to state law, often under the Revised Model Non-Profit Corporation Act(1986). A nonprofit corporation can be a church or church association, school, charity, medical provider, legal aid society, volunteer services organization, professional association, research institute, museum, or in some cases a sports association. Nonprofit organizations must apply for tax-exempt status at both the federal and state level.
An organization recognized by the government for its service work that (a) does not pay income taxes and (b) has no shareholders.
a business with a strong bottom-line focus on carrying out its mission, rather than on netting a financial profit
a group of people working together to help the local and/or global community, its people, or its environment