HSAD 331 Study Guide - Midterm Guide: Internal Revenue Code, Profit Motive, Swot Analysis
3 Jun 2020
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Nonprofit: organization that conducts business for the benefit of the general public without a profit motive. Governed by the irs, the state attorney and local laws *state. Nonprofit focuses on improving the human condition. Nonprofits are reliant on the support of donors and the work of volunteers. 3 sectors: private (pharma), public/government (the bbc, hospitals, museums) and non profit (aha, salvation army, goodwill) Nonprofit receive tax exemption from real estate, sales tax, corporate. Refers to organizations that do not have to pay taxes such as federal or state corporate tax or state sales tax. Individuals who make donations to such organizations may be able to deduct these contributions from their income tax. Nonprofit receives the most money from private. Cannot engage in for-profit activities or become invmolved in the. Lobbying (influence gov laws), don"t stay within mission. 501(c)3 organizations are required annually to fill out a 990 informational tax return. Funding sources: private, foundation, bequests and corporations.
