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  • The value of an asset after depreciation has been recorded.
  • A person’s income each week, month or year after taxes, and all payroll deductions.
  • Interest from which tax has already been deducted.
  • Any type of insurance contract under which insureds are indemnified for losses by their own insurance company, regardless of fault in the incident generating losses.
  • A category of employees entitled to overtime pay and minimum wage as described in the Fair Labor Standards Act (FLSA).  Non-exempt employees must be paid for each hour that they work and 1.5x their hourly wage for any hours worked over 40. Employees who earn less than $455/week and those who do not use personal discretion and independent judgment at least 50% of the time are considered non-exempt.
  • An organization that has been formed by a group of people in order "to pursue a common not-for-profit goal", that is, to pursue the stated goal expressly without the intention of distributing excess revenue (i.e. profit) to members or leaders. 
  • One of 29 types of nonprofit organizations which are exempt from federal income taxes.  Each local Church of the Nazarene is a part of the Church of the Nazarene Inc. 501(c)3 and documentation is available at the General Secretary’s Office.