not-for-profit organization

An institution that undertakes an activity without a *profit-seeking motive. Examples of not-for-profit organizations include charities, government institutions, and educational establishments - they (and their donors) often enjoy exemption from some forms of *taxation. In not-for-profit organizations, *income in excess of expenses is often referred to as a *surplus rather than as a profit. Organizations of this type are not motivated primarily by profits - they aim to achieve their declared objectives while maximizing the *Three E’s of *economy, *efficiency and *effectiveness.

Auditor's dictionary. 2014.

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