What does it mean to be a “not-for-profit” organisation?
The following definition is taken from Philanthropy Australia.
“A not-for-profit organisation is an organisation whose primary objective is something other than the generation of profit, and which does not distribute any profit to the organisation’s members.
A not-for-profit organisation may have a “profit” – or surplus – left over after operating costs, but whereas a for-profit business would distribute that profit to its owners, shareholders or members, a not-for-profit must use the surplus to further the purpose of the organisation and its activities.
Not-for-profit organisations are entitled to pay salaries and to engage in activities which will earn money such as charging for services, selling or leasing property, and investing in shares.”
The purpose or charter of Nature Glenelg Trust is clearly set our in our Deed of Trust, the legal document that governs the running of our organisation.