Nonprofit organization

A nonprofit organization is an organization formed in order "to pursue a common not-for-profit goal", that is, to pursue the stated goal expressly without the intention of distributing excess revenue (i.e. profit) to members or leaders. Nonprofit legal structure will often have taxation implications, particularly where the nonprofit seeks income tax exemption, charitable status and so on.

The terms nonprofit and not-for-profit are not consistently differentiated across jurisdictions. In layman's terms they are usually equivalent in concept, although in various jurisdictions there are accounting and legal differences.

 -adapted from Wikipedia: Nonprofit organization.