Not-for-profit Organization

Not-for-profit Organization means:
an organization in which no stockholder or trustee shares in profits or losses and that usually exists to accomplish some charitable, humanitarian, or educational purpose; also called nonprofit organization. Such groups are exempt from corporate income taxes (except for unrelated business income), and donations to these organizations may be tax deductible for the donor. Some examples are hospitals, colleges and universities, and foundations.

See also other Tax Terms and Definitions in U.S.A.

nonprofit organization.

See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.