non profit organization (NPO)

Associations, charities, cooperatives, and other voluntary organizationsformed 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 theorganization's profits or losses which are retained or absorbed. Approved, incorporated, or registered NPOs are usually granted tax exemptions, andcontributions to them are often tax deductible. Most non governmental organizations (NGOs) are NPOs. Also called not for profit organization.