What is a Non-profit institution"?

Question

??

Answer 1

A non-profit organization is a legal business whose objective is to engage in activities that contribute to its mission statement. It can make a profit, but that profit has to be used for expenses of the organization -- it can't be used to pay profit-sharing checks to the board (who are volunteers and unpaid), but it can be used to cover anything in the organization's budget (including staff salaries).

A nonprofit "institution" is the same thing, but usually refers to a university, a research institution, etc.