Non-Profit Vs Not-for-Profit
Non-Profit Vs Not-for-Profit are the most confusing terms,
The two terms are more or less related to each other. Non-Profit Vs Not-for-Profit are the two terms correlated with each other.
While Non-Profit is more official term than Not-for-Profit. Non-Profit is more conventional but Not-for-Profit is recent advancement.
What is Non-Profit Vs Not-for-Profit Organization?
Non-Profit or Not-for-Profit Organizations are commonly known as a charitable organization.
Non-Profit or Not-for-Profit Organization devotes their time, money, manpower and other essential towards a certain cause.
Non-Profit or Not-for-Profit Organization works day and night out for the betterment of the society.
Non-Profit or Not-for-Profit Organizations are exempted from any taxes.
Non-Profit or Not-for-Profit Organizations can operate or service in Religious, Scientific, Research, Social, educational, etc fields.
Difference between Non-Profit Vs Not-for-Profit:
Difference of Objectives-
Non-Profit Organization operate in more organized manner.
Non-Profit Organization focuses on Bigger Issues such as environment, economy, etc.
While Not-for-Profit Organisation focuses on smaller group activities that focus on sports, hobbies, or special interests.
Non-Profit Organization function as official bodies with Charter and Governing board representatives.
While Not-for-Profit Organisation commonly brings together a group of people with similar interests without forming a legal entity or governing board.
Non-Profit Organization Returns their income back to the organization if they Generate extra income.
While Not-for-Profit Organisation uses their excess Income to pay members who work for them.
Removing the Curtains on Non-Profit Vs Not-for-Profit -
What’s a Profit?
Profit is a condition whereby the Revenue of the Organization exceeds its expenses.
The organization is termed to be in profit if and only if the organization has incurred more value in Revenue then Expenses.
Defining and Refining Non-Profit as well as Not-for-Profit-
In today’s money-driven world where everything is about money.
Non-Profit or Not-for-Profit Organizations are not left behind.
Non-Profit or Not-for-Profit Organizations do generate the profits but small in terms than the Industries.
Survival of Organization is endangered if it’s not generating any profits at all.
Profits incurred by Non-Profit or Not-for-Profit Organizations are utilized in their organizational programs and other activities performed by them. Profits earned by Non-Profit or Not-for-Profit Organizations is more of a safeguard than a power source.
It doesn’t matter whether they are incurring profits or not.
what is important is their role in the building of society.
Non-Profit and Not-for-Profit Organizations are growing and expanding with the main motive of diminishing the cause and its extent in society. Non-Profit organization is honest, Trustworthy and Generous.