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Characteristics of not for profit organization

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Characteristics of not for profit organization

Posted by Arijit Roy 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 4 months ago

Characteristics or features of Not-For-Profit Organisation

Entity: has a separate legal entity promoted by individuals.
Purpose: is to further cultural, educational, religious, professional objectives and rendering service to people at large.
Ownership: it is set up as charitable society or trust. Thus owned by an individual or group of individuals.
Financial statements: it prepares its financial statement every year which includes receipts and payments account, income and expenditure and balance sheet.
Funds: required for operations are given by its members and donors as entrance fee, membership fee, subscription and donations. It is supplemented by surplus from operations.

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CBSE > Class 12 > Accountancy

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