not-for-profit definition by Webster's New World
not-for-profit - Business Definition
not-for-profit - Investment & Finance Definition
An organization that exists to fulfill a charitable, educational, or humanitarian purpose instead of making a profit. These organizations are exempt from paying sales and income tax, unless they undertake profit-making activities that are extensive enough to risk their tax-free status. Donations to not-for-profit corporations are tax deductible for the donor. Also called nonprofit.