3 ms·

he claims that they are a charity, says NY Angels is a non-profit: http://www.metamorphblog.com/2010/02/is-ny-angels-a-paytoplay-scheme.html#comment-6a010536ffd

• bravura 17y ago
  No, he doesn't claim they are a charity. He claims they are a not-for-profit, which is different than a non-profit.
  • dantheman 17y ago
    What is the difference between a not-for-profit and a non-profit. I tried to determine if there was a difference in the past and came away with them having the same meaning.
    • davidsrose 17y ago
      New York Angels is a not-for-profit membership organization, which means that the organization itself, unlike a startup company, is not designed to produce a profit. Since it has no shareholders, there is no one to whom any profit (excess of revenue over expenses) would be distributed. Instead, the large bulk of our operating expenses are covered by annual dues of $3500 to $7000 from our investor members. In terms of nomenclature, "not-for-profit" and "non-profit" are colloquially used to mean the same thing (although technically the former signifies intention, and the latter what actually happens :-). However, you can be a legal not-for-profit organization (such as New York Angels) but NOT also be a public charity (which is what people typically think of when they say "not for profit"; that would mean that you register with the IRS under section 501(c)3 and can take in tax deductible contributions.)
• anamax 17y ago
  > he claims that they are a charity, says NY Angels is a non-profit: That just means that the investors don't get monetary returns. It doesn't imply that employees are working for free.