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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 ]
According to the UN, an NGO is a private, not-for-profit organization which is independent of government control and is not merely an opposition political party. [ 56 ] The rapid development of the non-governmental sector occurred in Western countries as a result of the restructuring of the welfare state .
OpenAI shared new details about its plan to overhaul its company structure. Its current for-profit arm has been governed by a nonprofit board. OpenAI said its existing for-profit arm would become ...
Unlike for-profit corporations that benefit from broad and general purposes, non-profit organizations need to be limited in powers to function with tax-exempt status, but a non-profit corporation is by default not limited in powers until it specifically limits itself in the articles of incorporation or nonprofit corporate bylaws.
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.
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.
Payments made as part of the purchase price of a burial lot or crypt are not considered tax-deductible charitable contributions, even if a portion of the payment is for the perpetual care of the entirety of the cemetery. [127] Bequests or gifts to a 501(c)(13) cemetery are not deductible for federal estate tax purposes or gift tax purposes ...
INGOs can admit members affiliated to government authorities as long as it does not interfere with their freedom to express themselves. [1] INGOs operate under the principles of neutrality, humanity, impartiality, and independence. [2] Around the world, there are about 75,000 international organizations and about 42,000 of them are active. [3]