(a). A not-for-profit making organization:
- It is a type of organization that is established to cater to the welfare of its members.
- The primary objective is not for profit-making.
(b)

For-profit organization	Not-for-profit organization
The primary objective is profit-making	The main objective is to cater for the welfare of its members
The main sources of income are from sales of goods and the rendering of services.	Their main sources of income are donations, subscriptions, membership fees, and grants.
Tax is paid on taxable profit	Basically, they are tax-exempt, except from commercial activities undertaken by them.
They are usually in the form of sole proprietorships, partnerships, and companies.	They are usually in the form of clubs, benevolent associations, trusts, societies, schools, hospitals, etc.
Management is vested in the owner for sole proprietorships, partners for partnerships, and directors for companies.	Management is vested in the board of trustees, committee, or governing bodies
The components of their financial statements are the income statement, cashbook, balance sheet, and statement of cash flow	The components of their financial statements are receipts and payments account, income and expenditure account statement of affairs, and balance sheet
They employ experts to run the business	They rely more on members voluntary services to run the organization

(c) Sources of funding for a Not-for-profit-making organization;
i. Subscription: It is a regular contribution made by members of the organization. It constitutes the main source of funding to the organization.
ii. Life membership fee: This is an amount paid once by a member of the organization in order to enjoy the facilities throughout the period of membership
iii. Entrance fee: This is an amount paid once at the point of admission into membership of an organization.
iv. Donation: This is cash or any item received by the organization as a gift.