Nonprofit
An organization that operates for purposes other than making a profit, such as for a charitable, educational, or social cause.
Business Glossary provided by Plannit.ai
Nonprofit organizations exist to serve a public or mutual benefit other than the pursuit or accumulation of profits for owners or investors. They focus on a variety of areas including the arts, education, health, humanitarian aid, and environmental conservation. Nonprofits are tax-exempt or charitable, meaning they do not pay income tax on the money that they receive for their organization. They are able to contribute to the public good without the pressure of generating profits for shareholders.
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