Not for Profit — What it Means at Institute on Aging
Institute on Aging is a 501 (c) (3) non-profit organization. This is more than a tax status to us—it is our calling. It means we exist solely for the benefit of the people we serve.
From a business standpoint, being non-profit means that all revenue remaining after expenses is re-invested back into Institute on Aging programs and services. We have no stockholders to satisfy; the community itself “owns” Institute on Aging.
From a governance standpoint, being non-profit means that a voluntary Board of Directors serves without pay to determine Institute on Aging’s policies, make major financial planning decisions, and oversee our paid employees. Some of the community’s most respected women and men serve on our Board and we are extremely fortunate to have their leadership.
From a funding standpoint, being non-profit means that our revenue comes from a combination of government, private and charitable sources. Our supporters make it possible for us to offer services that earn no profit and to serve those who could not otherwise afford help. Every program is assessed responsibly, of course, but if it meets a serious need, we strive to retain it, even if it falls short financially. With the help of our supporters, we work to find a way. We invite you to explore our volunteer opportunities and event sponsorships, make a gift and join us in our non-profit mission. We do what we do because it is our calling, but we are able to do it because of people like you.