04/23/2026
INTRODUCING TAP ! We’ve been working in Troy for 57 years, but what do you know about us? What would you like to know? Send us a question at [email protected] and we’ll post an answer. Like this…
TAP Inc. is a nonprofit corporation. What does that mean ?
Nonprofit and not-for-profit are actually legal terms.
Nonprofits may be granted tax-exempt status under IRS section 501(c)(3), allowing donors to make tax-deductible contributions. Not-for-profits may qualify for tax exemption under other 501(c) sections (like 501(c)(4) or 501(c)(7)), but donations to these organizations are generally not tax-deductible. Both types of organizations do not distribute profits to owners or shareholders.
Why do they exist?
Nonprofits exist to serve a broader social or public cause, such as education, healthcare, environmental conservation, or humanitarian aid. Their activities aim to benefit society at large. These are organizations like TAP, TRIP, Capital Roots, Joseph’s House and Unity House. Not-for-profits, on the other hand, are typically designed to serve the interests of their members. These are organizations like the Italian Community Center, the CRAB Garrison Veterans club, Fraternities and Sororities, social clubs, labor unions, or business leagues, and may not have a public-facing mission.
Where does the money come from?
Nonprofits primarily rely on donations, grants, and fundraising to support their mission. Not-for-profits often generate revenue through membership dues, fees, or sales that support the organization’s operations and member benefits.
How are they organized?
Nonprofits are usually larger, and they are required by law to have formal governance structures including a board of directors and a combination of paid staff and volunteers. TAP has a board of 9 members, we are required to have members who reside in the neighborhoods we serve. Not-for-profits are often smaller, volunteer-driven, and operate as part of a collective membership without the same formal legal entity structure. TAP occasionally acts a fiscal agent to local not-for-profits who cannot receive grant money directly.
Who do they report to?:
Nonprofits are required to make financial and operational information public to maintain accountability to donors and the IRS. As a NYS grant recipient, TAP is required to provide a undergo an annual financial audit, and all of our gran funders require reporting to different degrees. Not-for-profits may have less stringent reporting requirements, especially if they do not solicit public donations.
What else would you like to know about TAP?
Send a question to: [email protected] ..
