Quote:
Originally posted by ladygreek
Nonprofit and not-for-profit are synonyms. The difference is the type of nonprofit IRS designation--501(c)(3) for charitable purposes--contributions are tax-deductible (foundations,) and 501(c)(7) for the benefit of members--contributions are not tax-deductible (fraternities and sororities.)
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I was told that a nonprofit must use any money it makes for operations or philanthropic purposes, and a not-for-profit doesn't set out to make a profit but can keep it if it does (i.e. a hospital is a not-for-profit entity). I didn't say that was definitely the difference between a GLO and the GLO's foundation, just maybe.
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