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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. [1] An NFPO does not earn profit for its owners, as any revenue generated by its activities must be put back into the organization.
In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
Unincorporated associations may be for any non-profit purpose, but do not have legal personality and so cannot own property, enter into contracts, sue or be sued in their own name and the liability of their members and officers is unlimited. Charitable unincorporated associations are nonetheless common because they require no registration or ...
A 501(c)(3) organization is a United States corporation, trust, unincorporated association or other type of organization exempt from federal income tax under section 501(c)(3) of Title 26 of the United States Code.
One specialist says HOA reserves don't need to be “fully funded.” 'This problem is not going away': An entire Florida homeowners association board just quit after $60K special assessment ...
HOAs are generally established at the time a residential neighborhood is built and sold. Sometimes older established neighborhoods form an HOA to help regulate rules and standards. In some cases, neighborhood associations exist simultaneously with HOAs, and each may not encompass identical boundaries.
A 501(c)(6) organization is a business league, a chamber of commerce like the U.S. Chamber of Commerce, a real estate board, a board of trade, a professional football league or an organization like the Edison Electric Institute and the Security Industry Association, that are not organized for profit and no part of the net earnings goes to the ...
One of Florida’s largest homeowners associations, Miami’s West Kendall Hammocks Community Association, has become a “criminal enterprise,” prosecutors say.