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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] [2] While not-for-profit organizations and non-profit organizations (NPO) are distinct legal entities, the terms are sometimes used interchangeably. [3]
Logo of the United Nations Children's Fund (UNICEF), an organization of the United Nations. A nonprofit organization (NPO), also known as a nonbusiness entity, [1] nonprofit institution, [2] or simply a nonprofit, [a] is a legal entity organized and operated for a collective, public or social benefit, as opposed to an entity that operates as a business aiming to generate a profit for its owners.
If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
An organization is considered by the IRS to be operated exclusively for the promotion of social welfare if it is primarily engaged in promoting the common good and general welfare of the people of the community. [36] [37] Net earnings must be exclusively used for charitable, educational, or recreational purposes. [38]
501(c)(3) tax-exemptions apply to entities that are organized and operated exclusively for religious, charitable, scientific, literary or educational purposes, for testing for public safety, to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals. 501(c)(3) exemption applies also ...
Owners of the former for-profit universities — which had faced criticism, legal action or both for deceptive recruiting — were still involved in the operation of the new nonprofit schools. 2.
Such entries, which manage one or more charter schools, can be either for-profit or non-profit. [7] The first state law in the United States authorizing charter schools was enacted in Minnesota in 1991, and the first charter school that opened as a result of this new law was the City Academy High School in St. Paul. [8]
For-profit education has a bad reputation in this country, primarily because it is seen as being more about the "for-profit" part than the "education" part. I tend to agree with this sentiment ...