not for profit organization

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      A not-for-profit or non-for-profit organization (NFPO) is a legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives.
      While not-for-profit organizations and non-profit organizations (NPO) are distinct legal entities, the terms are sometimes used interchangeably. An NFPO must be differentiated from a NPO as they are not formed explicitly for the public good as an NPO must be, and NFPOs are considered "recreational organizations", meaning that they do not operate with the goal of generating revenue as opposed to NPOs.


      Functions


      An NFPO does not have the same obligation as an NPO to serve the public good, and as such it may be used to apply for tax-exempt status as an organization that serves its members and does not have the goal of generating profit. An example of this is a sports club, which exists for the enjoyment of its members and thus would function well as an NFPO, with revenue being re-invested into improving the organization.
      These organizations typically file for tax exemption in the United States under section 501(c)(7) of the Internal Revenue Code as social clubs. Common ventures for which NFPOs are established include:

      Charities
      Sports clubs
      Foundations
      Private schools
      Universities
      Museums
      Churches
      Social welfare organizations
      Charities, as NFPOs, function under the premise that any revenue generated should be used to further their charitable missions rather than distribute profits among members. This revenue might come from donations, fundraising, or other activities undertaken to support their charitable cause.


      See also




      References

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    Not for Profit: Definitions and What It Means for Taxes - Investopedia

    Dec 7, 2023 · Not-for-profit organizations do not earn profits for their owners. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization’s...

    Nonprofit, Not-for Profit & For-Profit Organizations Explained

    Oct 1, 2024 · What is a not-for-profit organization? Like nonprofits, a not-for-profit organization (NFPO) reinvests its financial gains back into the organization. However, an NFPO primarily exists to serve its members’ goals rather than a social cause, and those goals can vary depending on the organization’s purpose.

    Not-For-Profit Vs. Nonprofit: What’s The Difference? - Forbes

    Jun 28, 2024 · Not-for-profit and nonprofit are often used interchangeably, as both terms generally refer to exempt organizations that do not distribute profits to owners and have tax-exempt status, meaning...

    Not-for-profit organization - Wikipedia

    A not-for-profit or non-for-profit organization (NFPO) is a legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives. [1] [2] While not-for-profit organizations and non-profit organizations (NPO) are distinct legal entities, the terms are sometimes used interchangeably. [3]

    32 Types Of Nonprofits: The Complete List – Forbes Advisor

    Jun 5, 2024 · In this guide, we walk you through 32 types of nonprofits, how to choose the right one for your organization and frequently asked questions you may be asking. What Is a Nonprofit? Nonprofits are...

    Nonprofit organization - Wikipedia

    Key aspects of nonprofits are their ability to fulfill their mission with respect to accountability, integrity, trustworthiness, honesty, and openness to every person who has invested time, money, and faith into the organization.

    Not-for-Profit Organizations - Overview, Types, Start

    A not-for-profit organization is a type of organization that uses its revenues and donations to pursue a specific social cause. Unlike for-profit organizations, the revenues generated by a not-for-profit organization are not distributed to the members. Not …

    Nonprofit organization | Definition, Types & Benefits | Britannica

    Jan 29, 2025 · Nonprofit organization, an organization, typically dedicated to pursuing mission-oriented goals through the collective actions of citizens, that is not formed and organized so as to generate a profit. In the United States a nonprofit organization is legally …

    What is a nonprofit organization, and how does it differ from a for ...

    Nov 5, 2024 · A nonprofit organization, often referred to as a non-profit or not-for-profit, is an entity that operates for purposes other than generating profit for its owners or shareholders. Instead, its primary aim is to serve the public interest, address social issues, or promote a particular cause.

    What Is a Not-for-Profit Organization? - Finance Strategists

    Jun 8, 2021 · Not-for-Profit organizations are organizations that do not earn profits for their owners. In most cases, they are tax-exempt. Not-for-Profits are generally categorized under different codes of IRS 501(c).