General questions about Not-For-Profit organizations (in US)?

(1)

Can privately-run colleges (not run by state/govt)

classify themselves as not-for-profit entities?

(2)

Is there a limit on how much money a not-for-profit

can collect?

(3)

Is a ‘for-profit’ entity, such as a typical business,

allowed to accept donations without changing its

‘for-profit’ status?

4 Answers

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  • 1 month ago
    Best Answer

    1. Yes.

    2. No.

    3. Don't know.

  • Pat
    Lv 7
    1 month ago

    1. yes. most of them are

    2. No. "Nonprofit" does not mean "no money".

    3. They can accept donations, but they must list them as income and pay taxes on them.

    http://www.patomalley-consulting.com/nonprofit-org...

  • 1 month ago

    1.  No.  You cannot designate/classify a company as a non-profit.  Only the government can give you that status.  2.  You don't "collect" money.  Companies have income.  That's how they stay in business.  A non-profit is no exception.  No, nobody limits how much income a company can make, even a non-profit.  3.  Any company can accept a donation if they want to.  What would that have to do with their status as a non-profit organization?  And what do you mean by changing the status to "for profit".  There is no such designation as "for profit".  Non-profit organizations ARE for profit.  If they were not profitable, they would not be in business.  Obviously, you have no clue about what non-profit even means.  It DOES NOT mean that the company is not profiting.  It is a TAX designation only.  It has nothing to do with how much money the company makes.

  • NA
    Lv 7
    1 month ago

    Do not confuse non-profit with charitable.

    Many organizations can be run as non-profit, but it doesn't mean they are charities.

    Unless one is a charity, all donations are considered income.

    • Fried Kitten
      Lv 6
      1 month agoReport

      You shouldn't irresponsibly provide such false info. Charities are non-profits. Non-charitable entities can be not-for-profits. Because of your action I don't know if i can rely upon your final sentence.

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