An organization that operates for purposes other than making profit, typically for charitable, educational, religious, or social causes.
Compound formed in early 20th century America from 'non-' (not) and 'profit.' The legal concept developed alongside modern tax codes, with formal nonprofit status codified in the Revenue Act of 1950.
Despite the name, nonprofits can and do make money - they just can't distribute profits to owners or shareholders! In the US, the nonprofit sector employs over 12 million people and contributes more than $1 trillion annually to the economy, making it larger than many entire national economies.
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