MESSAGE
| DATE | 2003-02-24 |
| FROM | jam@rm-cpa.com
|
| SUBJECT | Re: [hangout] Non-Profit books
|
Vin,
The terms non-profit and not for profit are used interchangably. The
official name is "not for profit"...but nonprofits has slipped into our
lexicon.
Joe
On Mon, 24 Feb 2003, vin wrote:
> The distinction between non-profit, and not-for-profit was something that I
> mentioned (and was shot down) either before, or about the time that the
> non(or not-for)profit was being applied for. Were the differences examined,
> and was the correct one chosen according to the mission of NYLXS? If not,
> should it be changed (ie, do we still have time)?
>
> While I am unfamiliar in the area, I do know that when I was looking into
> space in downtown Manhattan post 9/11 for NYLXS, there was a distinction made
> on exactly this point, regarding whether an entity was eligible for
> rebates/grants/whatever due to 9/11 loss of revenue/business. There were
> other requirements as well that NYLXS didn't meet.
>
> I know that there are numbers assigned 501.3(c) whatever to what type of
> non-profit exists, but there is a distinction in eligibility for
> funds/grants/monies based on the terms "non-profit" or "not-for-profit".
> Whether there is further detail, or further sub-categories on different
> "non-profits" or "not-for-profits" is besides the point. Is NYLXS in the
> proper category?
>
> I don't know if this was looked at in detail or not. Should it be? Is any
> help needed in getting further details? I can get some help in doing
> preliminary search on this if requested, but it is really not my area.
>
> Vin.
>
> On Sunday 23 February 2003 20:28, jam-at-rm-cpa.com wrote:
> > FYI- As a non-profit we are only subject to audits in New York (atty gen)
> > when our donations/contributions exceed $150,000. We are required to file
> > with a "reviewed" financial report with the state if our contributions
> > exceed $75,000. We are required to file tax returns and financial reports
> > when our revenues exceed $25,000. We simply need to keep our books in
> > accordance with generally accepted accounting principles. Non-profits tend
> > to keep their books on a fund basis, or by program (functional) inorder to
> > report to funders.
> >
> > Joe
> >
> > >
> > > On 2003.02.23 19:05 Dave Williams wrote:
> > > > You should repost this to Hangout.
> > > >
> > > > Ruben
> > > >
> > > > On 2003.02.21 19:21 Dave Williams wrote:
> > > > > Hi Ruben -
> > > > >
> > > > > I thought I would share my memories of working for a non-profit
> > > > > organization, just to give you some idea of what you might be able to
> > > > > expect. For the record, I believe there is a difference between
> > > > > "non-profit" and "not-for-profit" -- they are classified under a
> > > > > different code number and mean different things, unless I'm mistaken.
>
> > > > > - Dave
>
>
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