Did you know that 90% of todays not for profit organizations have been established since the 1950s? The concept of non-profit organizations was present in charitable, educational, and religious organizations long before the official formation of non-profits in the 1970s. Now, non-profit organizations are the most rapidly growing organizations in the world.
There are many ways to define a non-profit because there are many types. They vary in degree, size, and cause for which they formed. The complexity leads to a variety of meanings of the word non-profit, which can be described by one of the twenty-eight Internal Revenue Codes. For example, Femi Memorial Outreach Fund is a 501(c)(3) charitable tax-exempt organization. This Code provides specific guidelines for the non-profit to follow under government terms.
Running a non-profit is very different from running a for-profit business. In most cases, non-profit organizations are formed to provide a beneficial good or service to others without regard to profit.The goal of these organizations is not to make money through the service, but solely to help out a cause. At Femi Outreach, we strive to empower students from at-risk situations through after-school tutoring and mentoring programs. Although money is an important factor in our business; in order to pay wages, transportation costs, and much more, we do not intend to make a profit through our services. This is not to say that for-profit businesses to not strive to do good for others; many of them do, but non-profit organizations simply do not run with the intention of making a profit. The name really does say it all.
I love working for Femi Outreach, a non-profit, because we touch the lives of students everyday. I get to meet members of the community who want to be involved in changing the lives of others. Most of the people who interact with Femi Outreach are also so passionate about the cause. A non-profit business combines the aspects of business and charity in a delicate and very special way.