Many people are familiar with foundations. They are aware that they do good work for society. Some even plan to set up a foundation when they ‘blow.’ Foundations are part of organisations called nonprofit.
A nonprofit organisation is defined as one that qualifies for tax-exempt status because its mission and purpose are to further a social cause and provide a public benefit. Some examples of nonprofit organisations include religious organisations and churches, universities, foundations, and hospitals among others.
For an organisation to…
