Web Definition: Nonprofit
A non-profit organization can be seen as an organization that doesnt have a goal to make a profit. It may be entirely funded by voluntary donations. It may be a formal incorporated not-for-profit corporation that does not have shareholders, though it may have members & issue membership certificates or require member loans. It may also be a trust or association of members. The organization may be controlled by its members who elect the Board of Directors or Board of Trustees. Not-for-profit organizations may have a delegate structure to allow for the representation of groups or corporations as members. It may be a non-membership organization & the board of directors may elect its own successors. It may have a tax exempt status or it may be a de-facto group of individuals operating for a common purpose.
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