ORGANIZERS FOR STUDENTS "Hey, Mr. Producer!": "Can Nonprofits Make Money?" Name__________________________________ Date______________ Log on to the "Why a Non-Profit Theater?" article (http://www.communitytheater.org/articles/nonprofit.asp). Read the article and complete the following questions. 1) In its simplest form, what is a nonprofit organization? How is it different than a for-profit organization? 2) How must nonprofits use any profits? 3) What types of organizations can be classified as nonprofit, a 501(c)(3)? 4) What are four issues the IRS will consider in determining whether or not an organization qualifies as a 501(c)(3)? 5) What are some of the benefits of being a nonprofit organization? 6) What are donors to 501(c)(3) organizations allowed to do? 7) What is the "corporate veil"? 8) What is a "mission statement"? 9) What are two documents that a group will need to prepare to get nonprofit status? 10) Summarize the "magic sentences" that the IRS will be looking for. 11) What does it mean when a board of directors has to "give it," "get it," or "raise it"?