Lyric Arts Company of Anoka is a community-owned 501(c)(3) non-profit organization. Non-profit corporations exists solely to provide programs and services that are of public benefit, often not otherwise provided by local, state, or federal entities.
Whereas for-profit corporations exist to earn and distribute taxable business earnings to shareholders, the nonprofit corporation exists solely to provide programs and services that are of public benefit. Often these programs and services are not otherwise provided by local, state, or federal entities.
While non-profits are able to earn a profit (more accurately called a surplus) such earnings are retained by the organization for its future provision of programs and services. Earnings may not benefit individuals or stake-holders.
Therefore, every dollar donated to Lyric Arts is used to further the organization’s mission.
