Not for profit organization describes a type of organization that does not earn profits for its owners. It can either be incorporated or not incorporated. A not for profit organization is club, society or association that is not a charity. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization’s objectives and keeping it running.
- Not for profit organization id organized and operated solely for:
- Social welfare
- Civic improvement
- Pleasure or recreation
- Any other purpose except profit
- Not for profits do not pay sales tax or property taxes.
- No part of the income of the organization can be payable to or otherwise available for the personal benefit of any proprietor, member, or shareholder.
- A not for profit organization cannot issue tax receipts and therefore any payments to a Not for profit organization cannot be claimed on an individual’s personal tax return as a donation.
- Not for profit entities are often charities or small clubs, they handle money, such as donations and membership fees, but in a different way to a for-profit business.
- The paper works in not for Profit Company tends to be too lighter, as Government keep non-profit red tape to a minimum.
- A not for profit company works just like a regular business. Money comes in, money goes out, employees are paid and day-to-day operations are carried out.
- Running a not-for-profit organization is about so much more than keeping the finances straight.
- At Kingsway, we provide the support you need to satisfy regulatory and board requirements.
- Annual audits
- Accounting systems specifically designed for nonprofits
- Financial statement preparation
- Interim controller services
- Management advisory services
- Just like any other business, a not for profit company is best run with one eye on the account, so we are here to provide you with the best accounting features and expertise.
- Kingsway has all the available resources to ensure that we can fulfill all of our commitments to your not for profit organization.
- At Kingsway, we provide best accounting and audit services to support the development of financial statements of your not for profit organization.
- We believe that the expert guidance provided by us to you helps you’re not for profit organization to make decisions in timely and cost-effective manner.
