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Non-Profit

Updated: 9/27/2023
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12y ago

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Non-profit refers to an organization that runs primarily on expenses only. It does not use additional surplus money as distributions for dividends or profit, but to achieve the goals of the organization. The non-profit purposes might fall under the categories of education, religion, social, science, literary, recreation or for benevolent principals. Non-profits may have paid staff, as well as volunteers. Non-profits are controlled by boards. For tax purposes, a non-profit must be judged eligible by the IRS.

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