What types of industries apply not-for-profit (NFP) accounting?
In order to be recognized as a not-for-profit (NFP), the entity must be official registered as an NFP. As the name might suggest, an NFP operates for a purpose other than making a profit. The visual below lists out industries where not-for-profit entities are more frequent, but it doesn’t mean that ever entity in that industry is registered as an NFP.
For example, in the education industry, there are entities that are for profit and not-for-profit. Common industries include education, healthcare, voluntary health and welfare, labor unions, civic organizations, churches, museums, libraries, and cemetaries.
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