The kind of company set-up or business organization that functions not earn or yield profits for the owners of the firm is referred to as “NOT-FOR-PROFIT ORGANIZATION”. Such type of company performs its targeted aims as either;
An Incorporated Entity.
A Non-incorporated Entity.
The structure of a “Society”, “Association” or “Club” that does not involve the work of charity is another description of a “Not For Profit Organization”. The monies that are being either donated to such type of organization or earned by some operational activity will be utilized or invested in the pursuit of achieving certain well-defined targets and aims related to the organization as well as to ensure that the organizations remain functional.
The core and idiosyncratic objectives of a “Not For Profit Organization” include;
- Recreation, Innovation or Pleasure.
- Functions related to Social Well-being and Public Welfare.
- Civic Enhancement and Society Improvement.
- Other diversified sorts of targets and aspirations that do not involve outcomes in the form of Profits.
DISTINCTIVE AND PECULIAR FEATURES OF A “NOT-FOR-PROFIT ORGANIZATION”:
- These types of Not-For-Profit Organizations are not required to pay any kind of Taxes related either to Property or Sales.
- No portion of the Income Monies that are being earned by the Not For Profit Organization will be rendered to any Shareholders, Proprietors or members of the organization or will not be provided for their personal needs or advantages.
- The payments that are being made to a “NOT-FOR-PROFIT ORGANIZATION” as Donations will never be presented in the form of a claim on “TAX RETURN” record of a person who has donated these amounts as “Tax invoices or Receipts” cannot be issued by the Not For Profit Organization.
- More often Clubs working on a small scale or Charities of limited functional activities will be dealing with the finances including Fees being paid for Membership Attainment as well as Donation monies in a manner that can be distinguished explicitly from the way a “FOR-PROFIT ORGANIZATION” works.
- The Governmental authorities ensure that the “Red Tape” for Not-For-Profit Organization to a minimum level but as far as the paperwork for a For-Profit Organization is taken into account, it will not be as simplified as for a Not-For-Profit Organization.
- The task of maintaining the Finances in an appropriate order and shape is not the only function that a Not-For-Profit Organization operates but numerous other parameters are required to be met as well.
FANATICAL, ROBUST AND UNIMPEACHABLE ACCOUNTANCY SERVICES FOR THE AFFAIRS RELATED TO “NOT-FOR-PROFIT ORGANIZATION”:
- “ELITE-ACCOUNTANCY” is a sound and tangible place where you can seek assistance and support to fulfill all the Requirement Compliance as far as the Board and Regulatory matters are taken into consideration, these requirements include;
- SYSTEMS related to Accounting that are being designed or structured for Not-For-Profit Organizations.
- Development, Preparation and Establishment of “Financial Statements”.
- “AUDITS” that are being conducted Annually.
- “SERVICES” in regards to Advisory and Management.
- “SERVICES” for the objective of Interim Controller.
- Our stalwart and skilled accountancy professionals will be ensuring their clients the best of accounting assistance with their allegiance, expertise, and discernment so that you will not be fretted about the aspects related to the running of a Not-For-Profit Organization.
- “Elite-Accountancy” is a platform for the provision of robust, imperishable and invincible Accountancy Services and by outsourcing these services you will not be dubious about the functional matters related to your “NOT-FOR-PROFIT ORGANIZATION”.
- “Elite-Accountancy” services will be serving your Not-For-Profit Organization in the domain of Audit as well as Accounting in order to proffer sound guidelines for developing and preparing “Financial Statements”.
- Our dedicated and well-trained team of Professional Accountants will be providing you with the assurance of on-time and impeccable Decision making related your “Not-For-Profit Organization” in a fashion that is not only proficient but Cost-Effective as well.