From PTA’s and Band Boosters to Churches and Charities – there are a lot of different kinds of not-for-profit companies in Chattanooga. In fact there are over 1600 non-profits registered in Hamilton County – That’s a lot of charity!
Bookkeeping between for profit and not-for-profit entities are very similar. One major difference is that a not-for-profit does not pay taxes on the income. Another major difference is that they rely on contributions, memberships, free services and donated items in order to run their business. And finally, they are not owned by a person or shareholders.
Bookkeeping tips for nonprofits: