|Not-for-profit organisation, corporation|
|Not-for-profit refers to an organisation that is established to provide public services, which may charge fees but still does not take the extra step of providing any profits or surplus back to a membership. |
Statutory authorities and corporatised government services are often described as not-for-profit corporations. Whilst not-for-profit entities may have a strong focus on operating commercially with respect to operating costs etc, they are not actually profit driven but merely act as if they are in order to provide efficient services to the public.
|These corporations are often created by legislation, government or judicial authority and do not issue shares. They are usually created with a specific purpose, whether educational, charitable or for other purposes. They may be a foundation, a charity or other type of non-profit organisation. |
Statutory Authorities like Legal Aid Queensland established under the Legal Aid Queensland Act (Qld) are not-for-profit entities. Whilst they may operate in such a way as to maximise efficiency and reduce operating costs and may even charge fees for some of their services they remain not-for-profit.