There are basically two types of companies in the U. S.. One that everyone seems to be familiar with is the for profit company. A for profit company is one that exists for one reason, to turn a profit. The second, and equally known business is an IRS 501c3. A nonprofit company also exists for one reason, to do charitable work. Both are important and each are unique in the way they operate and the jobs they do. You've come to this piece of writing because you would like to know a lot more about a not for profit organization. Read on and we will explore the domain of the non-profit IRS 501c3 organization.
The non profit entity has been around for over 700 years and the oldest nonprofit in the world still operating is National Confederation of the Italian Misericordie (Mercies), the oldest voluntary service group which still exists. It is located in Florence, Italy and dates back to 1244 and its influence is from Christianity.
At the start, nonprofits were called and know as a Confraternity. Confraternities can be traced to the 1st Christian communities. Christianity grew and thrived through community and series of associations. This was in contrast to the social disintegration which was happening all around it. This community is explained in the book of Acts of the Apostles in the Holy Bible. Each one of these communities (associations) were influenced by its meeting, its laws, its members and its funding; together with its part of the spiritual and professional Confraternities federation. At the beginning, the institutions did not like or accept the Confraternities and placed obstacles in their way expecting to disband them. Finally they became accepted and took on the anatomy of the Roman"colegi", keeping them associated with the evangelic brotherhood. Nonprofit service groups literally came from social and non secular traditions by the participation of the Christian community living life together. They learned to put others' desires before their own and that catching practice birthed what we know today as Non profit work. ("Jubilaum Internationale Confraternitatum - Acta", Don Vincenzo Paglia, Roma 1984.)
A modern IRS 501c3 non-profit starts by incorporating in the state in which it will do business. A nonprofit can file for tax exemption giving it IRS 501c3 status, which also enables its donors the ability to subtract contributions given to it from their annual tax payment to the IRS. An IRS 501c3 nonprofit is permitted to earn a decent profit, called a surplus, however the profit needs to be used by the organization on itself and its programs, unlike a for profit company which issues stock and pays dividends.
An IRS 501c3 non profit is owned and controlled by a board. The majority of the nonproft's board cannot be related and controls all aspects of the charitable organization. While there could be a director and other workers, unlike a for profit company, the board members are its governance. In addition, the nonprofit's board can not gain personally in any fashion that's taxable from the nonprofit.
Many are most acquainted with charitable non-profit organisations whose activities stay involved around charitable, spiritual and academic goals. These charities selflessly serve others in several capacities where they can't help themselves. Many who serve in these nonprofits are the unsung heroes of present day.
From simple origins caused by a bunch of Christians caring for each other, to present day where quanities of many billions of dollars are given and controlled by non-profit organisations, charitable non-profits are literally on the front lines of society very similar to how they were in non secular history. In a day and age where the wealthy are showered with praise for their private achievements, the IRS 501c3 nonprofit continues steadfastly changing the world in uncompromising and astounding ways.
Article source: Author Palace
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About the Author:
Learn more about the IRS Non Profit and how you can start one. Click Here ---->> http://www.SimpleNonprofit.com Scott Michael Ringo, an entrepreneur, is known worldwide as the nonprofit Guru and expert fundraiser because he helps others easily start and fund non profit charities all around the world. Through his work with nonprofits across the world he helps people start and run successful non-profit organizations. He's a legacy builder and will help you build your nonprofit organization heritage.
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