Not-For-Profit Organizations Paper

Words: 727
Pages: 3
Open Document
In America today, there are hundreds of not-for-profit organizations (NFOs) established at the local, regional, and national level, and their influence is increasing. The not-for-profit organizations in America are based on some of the foundational values that brought this country into existence. “Today’s modern organizations can trace their own origin to the philanthropists who feel a sense of moral or spiritual obligation to a cause (Robbins, 2006, p. 13). A NFO is primarily created for the common good of the public. NFOs are also created for a specific religious, charitable or educational purpose. This paper will summarize the accounting practices for a NFO by detailing start-up, the generally accepted accounting principles, and preparations …show more content…
It can take time and can be complicated due to the many steps that need to be taken to properly have the NFO operate properly. Ordinary people start NFOs daily. The major process is preparing a mission statement detailing what the organization is for such as a food pantry for the needy. Sell your mission statement to the public. Have in place a Board of Directors that share the vision and are willing to promote the organization. A good lawyer and accountant is necessary because the tax laws for a not for profit can get confusing and shady. Accountants will be able to keep up with the special filing deadlines for tax exemptions and the attorney can keep up with all of the important laws. File for tax exemption will assist in preventing unnecessary taxes. Also, within the startup process; are having the donated funding and the ability to draw in people to continue the donation process in order to keep the organization alive and able to assist those that need the …show more content…
A not-for-profit organization is established for the common good of the public. NFOs are usually formed for some specific purposes such as religious, charitable or educational. A for-profit organization is typically established to conduct any number of lawful business activities. The main reason to create a for-profit organization is to make a profit. NFOs are able to file for a tax exemption through the Internal Revenue Service (IRS) while a for-profit organization cannot. For-profit businesses may raise money by offering investors a percentage of ownership in the company. In the case of a for-profit corporation, investors can provide property, services and cash in exchange for shares of the company's stock. Rarely will for-profit organizations raise capital as a result of grants or other solicitations. Not-for-profit organizations find ways to raise their capital by soliciting donations from the public and companies. Grants from governmental or private sources may be used to fund the operation of the NFO. A not-for-profit organization may have the ability to get the public to donate funding compared to a for-profit organization because of the perception that the NFO provides in showing that the funds are used to help
Show More

Related Documents: Not-For-Profit Organizations Paper

Non Profit Organizations Research Paper

Activists That Use Non-Profit Organizations Did you know that many activists have created non profit organizations? That is right. Many activists make non profit organizations to give money, food, and education to those in need. Knowing about activists can inspire people to donate to organizations because you now know how they meet other people's needs. Three activists, Christopher Yao, Daniel Kent, and Dylan Mahalingam, use non profit organizations to promote their cause. Christopher Yao…

Words 614 - Pages 3

Day in the life of Bob Essay

Writing Research Papers Writing is easy. All you do is stare at a blank sheet of paper until drops of blood form on your forehead. --- Gene Fowler A major goal of this course is the development of effective technical writing skills. To help you become an accomplished writer, you will prepare several research papers based upon the studies completed in lab. Our research papers are not typical "lab reports." In a teaching lab a lab report might be nothing more than answers to a set of questions…

Words 5415 - Pages 22

Research: Non-profit Organization and Phoenix Group Essay

C – Consulting Engagement Paper Charva Williams, Teresa Williams, Julie Educate, Laura-Leigh Wilson, Maureen Knight GEN/480 September 8, 2013 Steve Axelrod Team C is tasked with creating a consulting firm. Team C decided to focus on forming a consulting firm specifically geared toward work with non-profit organizations, specifically in a human resources capacity. This paper will describe the type of consulting firm Team C is creating. Additionally the paper will focus on the types of…

Words 819 - Pages 4

MGT 498 Environmental Scan Paper

Environmental Scan Paper MGT/498 January 28, 2014 Environmental Scan Paper Plans are the map used to formulate all intended business ventures. The plans should take into consideration the internal and external environment that exists and could potentially affect the business. A business has to determine what affects its organization both from the inside and outside to prepare itself to set realistic goals (Wheelen & Hunger, (2010). This paper will discuss the internal and external environments…

Words 1001 - Pages 5

Essay about Stakeholder Conflicts

Stakeholder Conflicts in Organizations Chris Lindquist Grand Canyon University: ORG-807 June 25, 2013 Introduction This paper will discuss how non-profit and for-profit organizations manage the interests, opinions, and concerns of their stakeholders. Additionally, this paper will address the management differences that exist between for-profit and non-profit organizations. A set of research questions will be presented to research the effectiveness of the management techniques employed…

Words 1061 - Pages 5

Non-Profitfunding-Challenges Essay

Nonprofit Funding: A Challenge Facing Human Services Organizations In these challenging economic times, nonprofits are struggling to raise funds necessary to continue to carry on quality services and programs with such an increased demand (Brill, 2012). Therefore, lack of funds is a basic example of a challenge facing the human service organizations today. This is a difficult task for the different human service agencies that needs support from sponsors or interested parties for funds. These human…

Words 528 - Pages 3

Non-profit Organization and Social Entrepreneurship Essay

entrepreneurship”. This paper talks about the relationship between social entrepreneurship and complexity models. Entrepreneurship has the power to transform society to a much greater degree than is commonly believed. In addition, leaders and managers play different roles in organizations. From my point of view, I totally agree with all points in the paper. Social Entrepreneurship is a complex model in economic and social entrepreneurship always involved different types of complex models. The paper can separate…

Words 1436 - Pages 6

Kunal Case Essay examples

BIRCH PAPER CASE Kunal Dhawan 1410111 1. For each of the three alternatives, diagram the potential cost flows, per thousand boxes, among all of the parties in the case: Southern Division, Thompson Division, Northern Division, Erie Papers Ltd, and West Paper Company. The cost flow per thousand boxes between southern to Thompson is 280 and from Thompson to Northern division is 470. Southern Division 280 Thompson 470 Northern Divison Similarly the boxes between west…

Words 623 - Pages 3

Essay about CASE ANALYSIS

BIRCH PAPER CASE BY: BADRI VENKATARAMAN (1445646) 1. For each of the three alternatives, diagram the potential cost flows, per thousand boxes, among all of the parties in the case: Southern Division, Thompson Division, Northern Division, Erie Papers Ltd, and West Paper Company. Ans: 2. Which bid should be accepted? Justify your answer. Ans: James Brunner decides the transfer price after being given the operational control of Thompson division, and so…

Words 743 - Pages 3

Principles Of Financial Statement Paper

Statement Paper Monica Bertrand Acc/280 principles of Accounting August 17, 2011 Sandra Brown Financial Statement Paper Accounting is a service activity. The function of accounting is to provide quantitative information, dealing with finance, about economic entities that is intended to be used in making economic decision. Accounting is a systemic recognition, and a representation of financial information to assist in decision making. Every business generates profit and solvent…

Words 750 - Pages 3