Definition Definition

Not-for-profit organization

Not-for-profit organization is that has primary objectives such as public service rather than returning a profit to its owners.

Not-for-profit organizations operate in both the private and public sectors. Private-sector includes museums, libraries, trade associations, and charitable and religious organizations.

Government agencies, political parties, and labor unions, all of which are part of the public sector, are also classified as not-for-profit organizations.

Share it: CITE

Related Definitions