Not-for-profit organizations are types of organizations that do not earn profits for its owners. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization’s objectives and keeping it running.1 Typically, organizations in the nonprofit sector are tax-exempt charities or other types of public service organizations, and as such, they are not required to pay most taxes. In a nonprofit organization, income is distributed to the group’s members, directors, or officers. There are also nonprofit corporations known as non-stock corporations. Some well-known nonprofit organizations include the American Red Cross, United Way, and the Salvation Army.
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