The nature of most not-for-profit organizations’ operations are that they receive most of their revenues from contributions (rather than receiving fees for services). This means of receiving revenues gives a not-for-profit organization an important fiduciary responsibility for the funds that it receives. This responsibility is why donors to a not-for-profit organization ...

One of the principal differences between not-for-profit and profit organizations is that they have different reasons for their existence. In oversimplified terms, it might be said that the ultimate objective of a commercial organization is to realize net profits for its owners through the provision of some product or performance of some service wanted by other ...

The treasurer has significant responsibilities, including the following: Keeping financial records. Preparing accurate and meaningful financial statements. Budgeting and anticipating financial problems. Safeguarding and managing the organization’s financial assets. Complying with federal and state reporting requirements....

Typically, not-for-profit organizations are controlled by boards of directors composed of individuals who generally volunteer their time. The size of not-for-profit organizations varies greatly. A small not-for-profit organization may have no paid staff; all functions may be performed by a governing board and volunteers. On the other hand, some not-for-profit ...

Perspective and Issues Not-for-profit organizations represent a significant portion of the economy of the United States. Over one million of these organizations provide almost every conceivable type of service from education to politics, from health and welfare to country clubs, and from churches and synagogues to research organizations. The Financial Accounting Standards Board (FASB) defines ...