non-profit organization

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Nonprofit Organization

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).

non-profit organization

an organization which attempts to achieve an objective other than profit, for example, a charity.
References in periodicals archive ?
Berkshire Hathaway Specialty Insurance Company (BHSI) (NYSE:BRK.A) revealed on Monday the introduction of the new Executive First Private Company Portfolio and Executive First Nonprofit Organisation Portfolio policies in Asia.
Further, the Nonprofit Organisation Portfolio offers similar coverage and also has professional indemnity protection that takes care of the specific needs of a nonprofit organisation.
The Entergy Charitable Foundation said on Tuesday that it has awarded USD1.8m in grants to 52 nonprofit organisations to support initiatives that help create and sustain thriving communities, focusing on low-income initiatives, educational and literacy programmes and environment projects.

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