philanthropic organization
(1) Philanthropic organization The term “philanthropic organization” means a non-profit organization— (A) that does not receive funds under subchapter IV of this chapter or under the Elementary and Secondary Education Act of 1965 [ 20 U.S.C. 6301 et seq.]; (B) that is not a local educational agency or an institution of higher education; (C) that has a demonstrated record of dispersing grant aid to underserved populations to ensure access to, and participation in, higher education; (D) that is affiliated with an eligible consortium (as defined in paragraph (2)) to carry out this section; and (E) the primary purpose of which is to provide financial aid and support services to students from underrepresented populations to increase the number of such students who enter and remain in college.