ACCO 425 Lecture 2: Lec 2
14 Feb 2017
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Not for profit: serves society in some way (has a goal like education, religion, health, economic, political etc. ) They do not have any s/h standards: nfp include: charitable, foundations, professional association, clubs etc. None of these members have a beneficial interest ie. they do not make money. You look at fs to see how the money was. Spent: not the same as charitable; charitable is a subset but not nfp in itself. Charitable is a tax issue and you must meet the definition of a tax definition to qualify. If you think of the condo association and you go to the meeting and they say the elevator must be fixed. We will immediately have people arguing against it and how the money should actually be spent: in a profit, we can take revenue from one operation and use it for another.
