NONPROFIT ORGANIZATION Definition

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NONPROFIT ORGANIZATION is one that has committed legally not to distribute any net earnings (profits) to individuals with control over it such as members, officers, directors, or trustees. It may pay them for services rendered and goods provided. Also known as NOT-FOR-PROFIT ORGANIZATION.

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LIBOR see LONDON INTERBANK OFFERED RATE.

AUTHORITATIVE PRONOUNCEMENT is a formal declaration of opinion sanctioned by established authority.

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