Non-profit
Non-profit
Non-profit (pronunciation: /ˌnɒnˈprɒfɪt/), also known as not-for-profit, refers to a type of organization or institution that does not distribute its surplus funds to owners or shareholders, but instead uses them to help pursue its goals.
Etymology
The term "non-profit" comes from the fact that these types of organizations do not operate to generate profit for distribution to its members. Instead, any surplus revenues are used to further achieve its purpose or mission, rather than distributing its income to the organization's shareholders, leaders, or members.
Related Terms
- Charity: A non-profit organization whose primary objectives are philanthropy and social well-being.
- Foundation: A legal categorization of non-profit organizations that will typically either donate funds and support to other organizations, or provide the source of funding for its own charitable purposes.
- Cooperative: An autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.
- Non-governmental organization (NGO): A non-profit, citizen-based group that functions independently of government. NGOs are organized on local, national and international levels to serve specific social or political purposes.
- Social enterprise: An organization that applies commercial strategies to maximize improvements in financial, social and environmental well-being.
External links
- Medical encyclopedia article on Non-profit
- Wikipedia's article - Non-profit
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