Nonprofit organization
Nonprofit Organization
A Nonprofit Organization (pronunciation: /ˌnɒnˈprɒfɪt ˌɔːɡənaɪˈzeɪʃən/) is a type of business entity that primarily operates to provide benefits to the public interest rather than to earn profits for its owners or investors. The term "nonprofit" comes from the fact that these organizations are not established to make a profit, but rather to achieve a particular social, charitable, or educational goal.
Etymology
The term "nonprofit" is derived from the English words "non," meaning not, and "profit," meaning a financial gain. The term "organization" comes from the Greek word "organon," which means tool or instrument.
Related Terms
- Charitable Organization: A type of nonprofit organization that is established to provide help and raise money for those in need.
- Public Benefit Corporation: A type of nonprofit organization that is created by a government to provide a specific service to the public.
- Private Foundation: A type of nonprofit organization that is typically funded by a single source, such as an individual or a family, and distributes funds to other nonprofit organizations.
- Tax Exemption: A monetary exemption which reduces taxable income. Nonprofit organizations are often exempt from federal and state income taxes.
Categories
Nonprofit organizations can be categorized based on their purpose, structure, and the area they serve. Some common categories include:
See Also
External links
- Medical encyclopedia article on Nonprofit organization
- Wikipedia's article - Nonprofit organization
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