Not-for-Profit Definition
Short Definition
An organization that offers goods or services to meet certain goals, but not to earn a profit.
Expanded Definition
Not-for-profit organizations operate with the expectation of earning no profit. Any profit earned by a not-for-profit organization is either channeled back into the organization or is invested into a cause they support. They can offer goods and services for little or no profit. Usually, these organizations use volunteers, not paid employees. Not-for-profit organizations often receive IRS tax exempt status.
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