Have you ever contemplated joining the world of philanthropy?
A nonprofit organization (US and UK), or not-for-profit organization (UK and others), often called an NPO or simply a nonprofit and non-commercial organization (Russia and CIS), often called an NCO, is an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends. States in the United States defer to the IRS designation conferred under United States Internal Revenue Code Section 501(c), when the IRS deems an organization eligible.
While not-for-profit organizations are permitted to generate surplus revenues, they must be retained by the organization for its self-preservation, expansion, or plans. NPOs have controlling members or boards. Many have paid staff including management, while others employ unpaid volunteers and even executives who work with or without compensation (occasionally nominal). Where there is a token fee, in general, it is used to meet legal requirements for establishing a contract between the executive and the organization.
Designation as a nonprofit and an intent to make money are not related in the United States. This means nothing can be inferred by the declaration. Such inference is the purpose of the Internal Revenue Code, Section 501(c). The extent to which an NPO can generate surplus revenues may be constrained or use of surplus revenues may be restricted.
Creating a Not-for-profit Corporation
Corporations under the Canada Not-for-profit Corporations Act (NFP Act) can be created (i.e., incorporated) by filing a request through Corporations Canada’s Online Filing Centre. If you prefer to submit a non-online request to create a corporation (i.e., by email attachment, fax, mail or in person) this document will help you to prepare the request.
Some NPOs may also be a charity or service organization; they may be organized as a not-for-profit corporation or as a trust, a cooperative, or they exist informally. A very similar type of organization termed a supporting organization operates like a foundation, but they are more complicated to administer, hold more favorable tax status and are restricted in the public charities they support. Their goal is not to be successful in terms of wealth, but in terms of giving value to the groups of people they administer to.
NPOs have a wide diversity of structures and purposes. For legal classification, there are, nevertheless, some elements of importance:
- Economic activity.
- Supervision and management provisions.
- Representation.
- Accountability and auditing provisions.
- Provisions for the amendment of the statutes or articles of incorporation.
- Provisions for the dissolution of the entity.
- Tax status of corporate and private donors.
- Tax status of the foundation.
Some of the above must be, in most jurisdictions, expressed in the charter of establishment. Others may be provided by the supervising authority at each particular jurisdiction.
While affiliations will not affect a legal status, they may be taken into consideration by legal proceedings as an indication of purpose.
Most countries have laws which regulate the establishment and management of NPOs, and which require compliance with corporate governance regimes. Most larger organizations are required to publish their financial reports detailing their income and expenditure publicly. In many aspects they are similar to corporate business entities though there are often significant differences. Both not-for-profit and for-profit corporate entities must have board members, steering committee members, or trustees who owe the organization a fiduciary duty of loyalty and trust. A notable exception to this involves churches, which are often not required to disclose finances to anyone, including church members.
LIST of COUNTRY LAWS for NON-PROFITS – WIKI
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More Information – The Institute for NON-PROFITS + ACTION LINKS
Like many projects, The Abundant Not-for-Profit began as an audacious idea.
We had no budget to support a project of this magnitude. There were many other – more urgent – priorities. Not to mention we’d never undertaken anything of this scope. And yet, we believed a book would spread our message further and faster than ever before. It could reach and inspire forward thinking not-for-profit leaders we might otherwise never meet. Blaze a new path to sustainability for the sector.
It was also a golden opportunity to walk our own talk.
We would only succeed by putting our own theory into practice: engaging an abundance of talent from the community. And so, in May 2012 we hired knowledge philanthropist, and professional project manager, Selma Kuurstra.
“Selma had experience project managing the creation of books, and our project was to complete our book, The Abundant Not-for-Profit, within the year. Selma was concerned we would not consider her as she didn’t live in Vancouver. How little difference that made! She used her business account technology to connect with us on a regular basis. She reminded us continually of sticking to the plan and timeline she had constructed with us. Her experience in the area of book development, and her attention to detail was exceptional.” READ MORE HERE
Nonprofit Career Month celebrated in October!
September 29, 2013 by
About Team CelebrationTeam Celebration is a devoted group of women dedicated to sharing information that will better the lives of all women making this space a truly convenient Resource for Women globally. Speak Your Mind: You are invited to leave comments and questions below.
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