Educational Institutions

Section 501(c)(3) Organization
A specific kind of nonprofit organization in the United States exempted from federal income tax under section 501(c)(3) of the Internal Revenue Code. These organizations must fulfill certain criteria related to purpose, earnings, lobbying, and political activities.
Tuition Reduction
A tuition reduction is a benefit often provided to employees of educational institutions and their dependents, allowing for a reduction in tuition fees that is excludable from gross income.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.