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Meaning and Characteristics of Non-Profit Organisation Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

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FAQs on Meaning and Characteristics of Non-Profit Organisation Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What is the meaning of a non-profit organization?
Non-profit organizations are entities that are established to fulfill a social or public benefit rather than to generate profit. These organizations use any surplus funds to further their mission rather than distributing them as profits or dividends.
2. What are the characteristics of a non-profit organization?
The characteristics of a non-profit organization include: - Their primary goal is to benefit the community or a specific cause, rather than making money for individuals or shareholders. - They are tax-exempt, meaning they do not have to pay certain taxes. - They rely on donations, grants, and funding from individuals, corporations, and government agencies. - They have a board of directors or trustees who oversee the organization's operations and ensure it remains focused on its mission. - They are required to be transparent and accountable, providing financial reports and other information to the public.
3. How does a non-profit organization differ from a for-profit organization?
Non-profit organizations differ from for-profit organizations in several ways: - Non-profits have a mission focused on benefiting the community or a specific cause, while for-profits aim to generate profit for their owners or shareholders. - Non-profits are tax-exempt, while for-profits are subject to various taxes. - Non-profits rely on donations, grants, and funding, while for-profits generate revenue through the sale of goods or services. - Non-profits are governed by a board of directors or trustees, while for-profits are typically managed by owners or shareholders.
4. How do non-profit organizations sustain themselves financially?
Non-profit organizations sustain themselves financially through various methods: - Donations: They rely on individuals, corporations, and philanthropic foundations to contribute funds. - Grants: They apply for grants from government agencies, foundations, and other organizations that provide funding for specific projects or initiatives. - Fundraising: They organize events or campaigns to raise funds from the public. - Sponsorships: They seek partnerships with corporations or businesses that provide financial support in exchange for recognition or association with the organization's cause. - Membership fees: Some non-profits charge membership fees to individuals or organizations who wish to support and be part of their mission.
5. What are the reporting and transparency requirements for non-profit organizations?
Non-profit organizations are required to be transparent and accountable in their operations. Some reporting and transparency requirements include: - Financial reporting: Non-profits must prepare and disclose financial statements, including an annual report, detailing their income, expenses, and assets. - IRS Form 990: In the United States, non-profits are required to file an annual information return, Form 990, with the Internal Revenue Service (IRS). This form provides information about the organization's finances, governance, and activities. - Public accessibility: Non-profits should make their financial reports, governing documents, and other relevant information available to the public upon request or through their website. - Donor disclosures: In some jurisdictions, non-profits must disclose certain information about their major donors, including their names and contribution amounts, to ensure transparency and prevent conflicts of interest.
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