Nonprofit Organization(redirected from Exempt Organization)
Also found in: Dictionary, Thesaurus.
Related to Exempt Organization: Tax Exempt Organizations, Tax exempt status, 501c
An organization that operates as if it were a business but does not seek a profit. Common examples of nonprofits include charities, private schools, and think tanks. Nonprofits do not pay taxes; donations to many are tax-deductible, at least up to certain limits. In order to qualify for this status, however, a nonprofit must register with the IRS, under section 501(c) of the tax code. See also: 403(b).