4 ms·
I've been involved in several not-for-profits. The "not able to run a profit" part is a little bit misleading: 1) Base take-home salary is typically a million
by woofie11 8y ago
I've been involved in several not-for-profits. The "not able to run a profit" part is a little bit misleading:
1) Base take-home salary is typically a million dollars for the CEO or similar senior positions.
2) A senior position also allows for massive additional sources of income.
Not-for-profits actually have far fewer legal restrictions than for-profits. For-profits run with a fiduciary duty to maximize shareholder value (source: extended conversations with a lawyer specializing in wealth management). If a not-for-profit engages in research to benefit a board member's business, or the not-for-profit launches a for-profit subsidiary, or otherwise, all that seems to be kosher. See Clinton and Trump foundations for an example of how most not-for-profits work.