Why Non-Profit?
Verami is a 501(c)3 tax-exempt non-profit organization (in some countries referred to as a non-governmental organization or NGO). We prefer to identify ourselves with the non-profit sector because of its emphasis on people, rather than with the for-profit sector, which focuses on profits. Verami was established to meet a need, not to exploit a market.
As a 501(c)3 organization, Verami has financial options not typically available to for-profit corporations, such as:
- Option to solicit and receive tax-deductible contributions from individuals
- Opportunities to seek grant funding from foundations
- Ability to purchase goods and services tax-free
In addition to donations and grants, non-profit organizations traditionally rely on other kinds of contributions from supporters, such as volunteering time and services. This concept matches our vision for the Verami network, in which members are encouraged to offer their time, services, resources, and expertise for the benefit of the network and other individual members.
