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Non profit organizations are a business that the Internal Revenue Service has granted tax-exempt status. Although donations made to nonprofit organizations usually are tax-deductible to the persons that make them, the nonprofit is obligated to make their financial statements public to assure donors that their funds are being utilized well. Nonprofits do not pay income tax on any money they get through fundraising or donations they receive.
BREAKING DOWN ‘Non profit Organization’
Nonprofit designation and tax-exempt status are given to an organization that furthers scientific, religious, educational, literally, charitable, cruelty prevention causes or public safety purposes. The organization must generate some public good.
Rules, Employment and Examples
A nonprofit has staff on the payroll as well as volunteers. Even though salaries are substantially lower, this depends on the type of organization that one works for. While Hospital CEOs and University presidents typically earn just as much as their counterparts in for-profit organizations, a person that operates an animal rescue generally makes less.
A nonprofit is obligated to serve the public in one way or the other. Clientele plays a significant role in the lifespan and success of a nonprofit organization. Just like for-profit businesses, customer satisfaction is vital in keeping the doors of the nonprofit open. Ultimately, the success of the organization largely depends on the operations and management. Examples of nonprofit organizations are hospitals, churches, national charities, foundations and universities.
Also Read: How to properly organize your administration?
Nonprofit Versus Not-for-Profit
The difference between “nonprofit” and “not-for-profit” is essentially a matter of semantics. Some groups use the terms interchangeably, although one significant distinction between the two is that ‘not-for-profit’ describes activities not intended to generate any profits, e.g. taking photographs for personal use. At the same time, a nonprofit is an organization whose products/services are not designed to create a profit.
A career in Non Profit organization
Having outpaced the profit organization jobs by nearly 400 per cent in recent years, It is safe to say that Nonprofit management jobs are growing in demand. There is a tremendous growth opportunity in this sector.
While this is excellent news for students and career changers with a passion for creating societal change, increased competition for top jobs makes an advanced degree appealing. A master’s degree has become essential for students that want to contribute to purpose-driven organizations.
While nonprofit careers are exceptionally rewarding, a master’s degree is essential to leadership jobs and top salaries. Whether you’re working in the sector and concerned about advancement prospects, considering a career change, or perhaps even launching your venture, it’s well worth considering how a master’s degree could forward your trajectory. You can now get a certificate in nonprofit management or pursue a masters in community development or a masters in nonprofit management separately, which will prepare you for the turbulencies that an NPO might face.
Nonprofits have a distinct set of departments, like corporations.
First, nonprofits are divided between administration and fulfilment of the service. So, determine your interest within:
- Finance
- HR
- Technology
- Volunteer Management
- Development (fundraising including events)
- Marketing & Communications
Or:
- Delivery of the charitable service (on the ground operations); depending on the charity, this will have a great variety of departments that cannot be generalized.
- Research the technology used by the department that best matches your skills and finds a way to learn one or more of its tools. If you’re interested in fundraising, learn Raiser’s Edge, for example, or Financial Edge if your interest is in Finance. Marcom tools are often the same as those used elsewhere, such as content management systems (WordPress, Drupal, etc.) and social media tools (FB, Twitter, Linked In, etc. and something akin to Hubspot for management). To learn, volunteer, take classes or watch instructional videos. This will give you something marketable to start with.
- Read job descriptions of the entry-level job you want and hone your resume to match it as much as possible.
- Join your state’s nonprofit organization and attend networking events. Follow the organization’s job board as well.
- Contact leaders in the nonprofits in which you’re interested and ask for informational interviews.
- Volunteer. People will get to know you and will consider you as jobs open up.
It’s important to understand that different nonprofits have different priorities. A human service-oriented nonprofit might emphasize hiring social workers and a fundraiser, then let admin staff handle database management and web admin functions. An education-oriented nonprofit might be more interested in hiring teachers and outreach personnel.
Size is important because a smaller nonprofit is going to want you to do more for less. It’s going to be a larger nonprofit with a larger budget that will have different departments. Do you love a challenge? Do you like to juggle a lot of projects at once? Do you like having a lot of autonomy and power to make more significant decisions? Then a smaller nonprofit might be for you.
Also Read: Resolve the QuickBooks Payroll Error Code 30159
