§37.1315. Nonprofit organization.

32 C.F.R. § 37.1315

(a)

Any corporation, trust, association, cooperative or other organization that—

(1)

Is operated primarily for scientific, educational, service, or similar purposes in the public interest.

(2)

Is not organized primarily for profit; and

(3)

Uses its net proceeds to maintain, improve, or expand the operations of the organization.

(b)

The term includes any nonprofit institution of higher education or nonprofit hospital.

Notes, amendments, and revision history

Authority: 5 U.S.C. 301 and 10 U.S.C. 113.

Source: 68 FR 47160, Aug. 7, 2003, unless otherwise noted.