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A nonprofit is a group, organization, institution or corporation formed to provide goods and/or services for a charitable, educational, religious, literary or scientific purpose. Nonprofits' assets are usually donated by companies, foundations or individuals who do not expect to be repaid. These contributions are tax deductible.
Philanthropy is generally defined as the voluntary granting of money, goods, services or support by an individual, foundation, corporation or endowment.
If a foundation or nonprofit meets the requirements of section 501(c)(3) of the Internal Revenue Code, it can obtain tax-exempt status and does not pay federal or state income taxes.
For more information on what nonprofits do and terminology about nonprofits, philanthropy and funding, see: