A nonprofit is an organization that uses any profits it makes to achieve its goals. Nonprofits can include foundations, charities, and some universities. They are generally funded by donations and associated fundraising. Nonprofits are typically tax-exempt, but in most countries, strict bylaws govern their creation and operation. These and other regulatory oversights can present unique challenges for managers. Structurally, a nonprofit can have a board of directors that participates in decisionmaking.