§ 1108.260. Nonprofit organization.
57 words·~1 min read·
/us/cfr/t2/s§ 1108.260·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Nonprofit organization means any corporation, trust, association, cooperative, or other organization, not including an institution of higher education, that:
(a)Is operated primarily for scientific, educational, service, charitable, or similar purposes in the public interest;
(b)Is not organized primarily for profit; and
(c)Uses net proceeds to maintain, improve, or expand the operations of the organization.