### Question
What does nonprofit entity mean?


### Answer
**Nonprofit entity** has the following meaning in *40 U.S.C. § 15101*:

> any organization described in section 501(c) of the Internal Revenue Code of 1986 and exempt from taxation under 501(a) of that Code that has been formed for the purpose of economic development

#### Citation:
  - *40 U.S.C. § 15101*
  - Heading: **SUBTITLE V-REGIONAL ECONOMIC AND INFRASTRUCTURE DEVELOPMENT > CHAPTER 11-GENERAL PROVISIONS**

