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Objectives of not-for-profit organizations
These organizations are established to pursue non-financial aims but are to provide services to the community. Such organizations like profit-seeking companies need funds to finance their operations. Their major constraint is the amount of funds that they would be able to raise. As a result not-for-profit organizations should seek to use the limited funds so as to obtain value for money.
Value for Money
Value for money means providing a service in a way, which is economical, efficient and effective. It simply means that getting the best possible service at the least possible cost. Public services for example are funded by the taxpayers and in seeking value for money; the needs of the taxpayer are being served, insofar as resources are being used in the best manner to provide essential services.
Economy measures the cost of obtaining the required quality inputs needed to produce the service. The aim is to acquire the necessary input at the lowest possible cost.
Effectiveness means doing the right thing. It measures the extent to which the service meets its declared objectives. Efficiency means doing the right thing well. It relates to the level of output generated by a given input. Reducing the input: output ratio is an indication of increased efficiency.
What else can I help you with?
What is profit seeking organization?
Some organisations,such as companies and partnerships, see their main objective as maximising the wealth of their owners. Such organisations are often referred to as 'profit - seeking'
How are commercial bank and credit union alike terms?
Commercial Bank and Credit Union are both alike as they both define an organisation that offers credit to customers. Both types of organisation offer Checking and Saving Accounts, Credit Cards and Loans. The main differences between the two organisations are that Credit Unions are operated as Not For Profit Organisations. Also, Credit Unions are owned and operated by the members of the Organisation.
What are the main functions in a business?
to maximize profit.
What are the main goals of saving and investing?
For most people the main goals of saving and investing are to increase the amount of wealth a person has.
What are the primary goals of business finance?
Main goal of virtually every publicly owned company has always been to maximize shareholder value by generating as much as profit possible. Many companies have begun to balance this primary objective with other social and better environmental goals that help appease stakeholders and help produce of profits.
What is profit seeking organization?
Some organisations,such as companies and partnerships, see their main objective as maximising the wealth of their owners. Such organisations are often referred to as 'profit - seeking'
What sector is the nhs?
The NHS is a public sector organistion, funded by the taxpayer and with the main goal of providing a service (as opposed to generating a profit as is the case with organisations in the private sector).
Describe the four main types of profit making business enterprise?
The four types of profit making business enterprise are sole trader, partnership savings, company loans, and franchise profits. All of these types of enterprises contribute to the finances of businesses.
What was the main goals of the farmers alliance?
to help struggling farmers make a profit The Farmers Alliance was organized by states in the South. This movement was big during the 1870s and 1880s.
What type of organizations are Charitable Organizations?
Charitable organizations are some kind of so-called "non-profit" organizations. The main difference between other non-profit organizations is here, that they mainly focus on philantropic, charitable, educational and religious goals.
What organisations do the UK belong in?
European Union and NATO are the two main ones.
What company makes ct scanners?
Siemens is the main company that makes it. Machines costing 2 million dollars, they clearly making a huge profit.
What were Catherine the Great main goals?
her main goals in life were to stay ruling her kingdom and to be the best their is
The main goals of the UN?
The United Nation's main goals were to preserve peace and security between nations.
How are commercial bank and credit union alike terms?
Commercial Bank and Credit Union are both alike as they both define an organisation that offers credit to customers. Both types of organisation offer Checking and Saving Accounts, Credit Cards and Loans. The main differences between the two organisations are that Credit Unions are operated as Not For Profit Organisations. Also, Credit Unions are owned and operated by the members of the Organisation.
What are the main aims of asda?
To maximise their profit
What are the main functions in a business?
to maximize profit.
