institution
Pronunciation: /ɪnstɪˈtjuːʃ(ə)n/
noun
- 1an organization founded for a religious, educational, professional, or social purpose: an academic institution a certificate from a professional institution
- an organization providing residential care for people with special needs: about 5 per cent of elderly people live in institutions
- an established official organization having an important role in a society, such as the Church or parliament: the institutions of democratic government
- a large company or other organization involved in financial trading: City institutions

Origin:
late Middle English (in institution (sense 2), institution (sense 3)): via Old French from Latin institutio(n-), from the verb instituere (see institute). institution (sense 1) dates from the early 18th century