For-profit organizations all have the same starting objective; to make money (this also makes it

relatively easy to measure success)

Nonprofits (which can make profit, though it has to be either redistributed or given to another
nonprofit) have different starting objectives, though generally they are to ‘serve the public’

How do you fund a non-profit, and what do you need to have in place to be able to do that?
You need a mission, a 501c3 (or a similar legal status that allows donations to your non-profit to
be tax deductible), nonprofits are exempt from federal taxes, grants

A nonprofit is run by a board of directors which makes decisions on behalf of the organization in
regards to the mission

Challenges of non-profits;
Sustainable mission statement (needs change, it’s hard to see the effect of changes)
Organized abandonment (when to shut down)
Identifying and involving constituency of areas being served

If mission statement is too specific, it’s bad

Need to state in statement:

Why your nonprofit is necessary or will be enriching the lives of those you intend to serve

Grant money and donor money almost never covers operational cost

If nonprofit is losing money, and mission statement is complete, shut down