What it is
A nonprofit organization (NPO), also known as a non-business entity, not-for-profit organization, or nonprofit institution, is an organization traditionally dedicated to furthering a particular social cause or advocating a shared point of view.
In economic terms, it is an organization using the surplus of its revenues to further its objective, rather than distributing its income to the organization’s shareholders, leaders, or members. Being public extensions of a nation’s revenue department, nonprofits are tax-exempt or charitable, meaning they do not pay income tax on the money that they receive for their organization. They can operate in religious, scientific, research, or educational settings.
According to the National Center for Charitable Statistics (NCCS), there are more than 1.5 million nonprofit organizations registered in the United States, including public charities, private foundations, and other nonprofit organizations.
The main advantage of starting a new non-profit project is that it allows to convert your passion for social good into something real that can also allow you to earn livelihood if you work for the non-profit in full time capacity. An you can do this without the pressures of a for-profit business that is financed by venture capital or some other external sources of capital.
Why learn this
Starting or working for a Non-profit is a great way for folks wanting to dedicate themselves to seeing some of their ideas about social change and greater societal needs becoming a reality. It is a misconception that everyone that works for non-profit is a volunteer. Most non-profits have some full time staff – including executive staff that may have played key role in founding the non-profit.
But there are some key differences when it comes to how non-profits operate, pay taxes and pay salaries to their staff. Full knowledge of this framework is key to successful raise enough donations, create sustainable revenue sources and avoid tax or other compliance issues.
Gigaplex Academy Non-profits Learning track education will help you assess and determine if the project you have in mind is a good fit for non-profit path or you should do it using a for profit path.
It will also give you a strong foundation of best practices to follow and pitfalls to avoid during your journey of starting and scaling a non-profit. Lastly, the training will give you exposure to other aspects like Taxes, Benefits and labors laws for practicing as a bootstrapper entrepreneur, a necessary set of skills and know-how to improve your odds of success.
We accomplish this by combining in-person coaching from by Bootstrapping experts, online video based classes with deep coverage of subject matter, and cohort style learning experience that revolves around learning and growing together as a group of self-employment aspirants.
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Jane Doe