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Financial Accounting by P. C. Tulsian

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10 CHAPTER

Financial Statements of Not-for-Profit Organisations

MEANING OF NOT-FOR-PROFIT ORGANISATIONS

Not-for-Profit organisations refer to those organisations which:

  1. are formed for the purpose of promoting commerce, art, science, religion, charity or any other useful object,
  2. intend to spend their income in promoting their objectives, and
  3. prohibit the payment of any dividend to their members.

The examples of such organisations include Sports Clubs, Social Clubs, Public Libraries, Charitable Hospitals, Educational Institutions, Temples, Churches, Gurudwaras, Masjids and Professional bodies (e.g., The Institute of Chartered Accountants of India. The Institute of Cost and Works Accountants of India, The Institute of Company Secretaries of India). ...

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