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"Credit unions (and other US 501c3 organizations) do not exist to make a profit, and any income they have in excess of expenses is reinvested. There are no divi
by rqtwteye 2y ago
"Credit unions (and other US 501c3 organizations) do not exist to make a profit, and any income they have in excess of expenses is reinvested. There are no dividends."
A lot of non-profits funnel the "income they have in excess of expenses" to their execs or friends of the execs who provide business services. They don't reinvest or give to charity.
- PaulDavisThe1st 2y agoThis is indeed a problem. A really big problem. But it is not the same problem profits being distributed to owners who do not materially participate in the operations of the company.