instructions in the attached file
the bid will not be changed it will only be $10. Do not bid anything over $10 if you’re interested
instructions in the attached file the bid will not be changed it will only be $10. Do not bid anything over $10 if you’re interested
Please provide good feedback on my work At lease 200 words or more label each response in its right section -Part 1, Part 2 Part 1 Management in the nonprofit sector and management in other sectors are different in a variety of ways. First way in which they are different is that with nonprofit management it requires a unique set of tradeoffs. These trade offs in the nonprofit sector occurs through strategies, acquiring resources by the leaders such as board members and chief executives which acquire resources that fits with the mission. The management of other sectors, however, have a single source of revenue such as from sales of products and services. The second difference is that in the nonprofit sector it requires management that is skilled in negotiation, compromise and ambiguity requiring support of donors and volunteers in pursing their mission. In the for-profit organization such as corporation and government agencies the authority and flow from the top is clear with a common goal. The third difference is that in nonprofit sector is they seek to pursue a social mission and purpose measuring their success by double bottom line while other for-profit sector social progress is not their mission. The fourth difference is that with nonprofit management it is more challenging and difficult to manage based on their mission as not everyone may agree on solutions and identify the problems. The for-profit management has problem solving skills and creativity which results in the creation of wealth which also sustains nonprofit sector and economic progress. The nonprofit sector is different and unique from other sectors such as government entities and corporations as they are reliant historically on volunteers, donations, and philanthropy. In differentiating the nonprofit sectors it done in categories and classifications. The IRS classifications places nonprofit into more than 30 categories. Nonprofit qualifies for tax exemption such as the 5019(c)(3) charitable nonprofits divided into 2 categories. The 501(c)(3) private foundation has tax exemptions except for tax on investment earnings most having one donor. The other is public charities who is tax exempt and receive gifts from multiple sources and include religious congregations. The other nonprofit organizations are referred to as “social welfare organizations, they are exempt under section 501(c)(4). These social welfare organization has different types such as health maintenance organizations (HMOs), medical and dental insurance plans. Another way to differentiate the nonprofit sector is the National Taxonomy of Exempt Entities (NTEE) classification which is divided into 26 major groups and 10 broad categories. The way these are categorized is based on programs, purpose, and activities. There has been an emergence of hybrid organizations that sees a potential of integrating social purpose and business methods which has the potential to generate economic, social, and environmental benefits.( (Worth, M. J. p.28) This diverse nonprofit sector includes about 1.5 million tax exempt organization, these are registered however there are others that are not registered. The organizations that are not registered include smaller organizations such as religious congregations. These organizations are either public serving such as hospitals colleges and universities, youth organizations and museums or member serving with another 84000 under section 501(c)(4). The NPO contributes significantly to the U.S economy employing 12.3 million people in 2016. Paying over $638 billion in wages the same year which is more than 30 percent than retail industry and 60 percent of construction industry. (Worth, M. J. (2021) p. 26) This is my current news article below “Here’s how retirees can give to charity and create income stream at the same time”. It ties in with this weeks discussion with the impact NPO sector plays in our society. Within this news article it detail how retirees can give charitable gift which would provide them with a fixed income for the rest of their life while benefiting from a partial tax deduction. This type of charity is called charitable gift annuity. Part 2 The four primary differences between management in the nonprofit sector and management in other sectors are the mission, taxes, revenue, and assets versus the public good. Non-for-profit organizations have a mission for social good. On the contrary, for-profit companies focus on earning money for those who own the organization. When it comes to taxes, a for-profit company has to pay taxes on its earnings, while nonprofit companies do not pay taxes and can receive donations that can be written off. In terms of revenue, a for-profit company can provide services and products for financial gain. A nonprofit can also offer products and services, but the revenue attained must be invested back into the company. Lastly, for-profit organizations are considered assets that can be cashed out if the company is sold. No one owns a nonprofit company, and while it can merge with other organizations, it cannot be sold (Briggman, 2019). Based on IRS classification, organizations can be categorized into three sectors: private, nonprofit, and government. The private sector is made up of private for-profit businesses. The government sector is compromised of public organizations that work at the local, state, and federal levels (IE School of Global Public Affairs, 2018). The nonprofit sector is made up of charitable nonprofits 501(c)(3), social welfare groups 501(c)(4), and other tax-exempt organizations 501(c)(5)(6)(7). Charitable nonprofits include organizations that deal with charity, arts, culture, education, environment, health, and human services. This category can be broken down into private foundations and public charities. Both are tax-exempt, and their contributions are tax-deductible. Public charities receive donations from many donors or the government, while private foundations are usually funded by one person or organization. Due to this, private foundations have a lower percentage of deductibility for the gifts they receive. Social welfare organizations include civic clubs, advocacy groups, and some health maintenance organizations (HMOs)/health insurance plans. These organizations are tax exempt but would not be tax deductible if they received donations. The “other tax-exempt” category is made up of agricultural and labor organizations, business leagues, and social/recreational clubs. It also includes veteran organizations, cemetery companies, and credit unions. From the story provided, one can see that nonprofits certainly have a significant impact on everyday life. From my personal experience, being a student at Florida Gulf Coast University and an employee of the NCH Healthcare System, my life is surrounded by a nonprofit organization. Institutions like FGCU and Florida Southwestern State College provide a wide range of academic and professional opportunities for the community’s people. NCH Healthcare System offers a wide variety of healthcare services to the community. These include cardiology, oncology, obstetrics, pediatrics, and emergency care (About Us 2022). Without these organizations, the community would not have access to several necessary resources.