ACC 430 Chapter Notes - Chapter 13: University Of Phoenix, 527 Organization, Guidestar
3 Aug 2020
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Absence of ownership interest: nongovernmental=not for profit/nonprofit. Some entities that are taxable (won"t get into this) Social welfare organizations, colleges, charitable, religious, health care, scientific, literacy, and service organizations. General purpose (state and cities) and special purpose (colleges and hospitals: governmental. One whose goals involve something other than earning a profit for owners, usually the provision of services. Rather than measuring success with profits, success is measured by how much the organization contributes to the public well-being with the resources available to it. Creation of a not-for-profit: apply to state for recognition as a legal entity, application to irs for recognition as a tax-exempt entity. Incorporation laws are statutory = varies from state to state. Organizers may choose to file articles of incorporation with a state under the not-for- profit corporation statues or charitable trust laws to create a legal entity and limit the liability of the incorporators and directors.
