non profit organization (NPO)

  

Definition

Associations, charities, cooperatives, and other voluntary organizations formed to further cultural, educational, religious, professional, or public service objectives. Their startup funding is provided by their members, trustees, or others who do not expect repayment, and who do not share in the organization's profits or losses which are retained or absorbed. Approved, incorporated, or registered NPOs are usually granted tax exemptions, and contributions to them are often tax deductible. Most non governmental organizations (NGOs) are NPOs. Also called not for profit organization.

Use this term in a sentence

  • I wanted to work for a non profit organization because I felt people would be operating from a common position of love in their business dealings.

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  • After a disaster many people donate to the Red Cross, a Non Profit Organization that aids people free of charge.

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  • Unlike many businesses, non profit organizations can still make use of unpaid intern labor, and qualify for a number of tax benefits.

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