[davidsrose]

New York Angels is a not-for-profit membership organization, which means that the organization itself, unlike a startup company, is not designed to produce a profit. Since it has no shareholders, there is no one to whom any profit (excess of revenue over expenses) would be distributed. Instead, the large bulk of our operating expenses are covered by annual dues of $3500 to $7000 from our investor members.

In terms of nomenclature, "not-for-profit" and "non-profit" are colloquially used to mean the same thing (although technically the former signifies intention, and the latter what actually happens :-). However, you can be a legal not-for-profit organization (such as New York Angels) but NOT also be a public charity (which is what people typically think of when they say "not for profit"; that would mean that you register with the IRS under section 501(c)3 and can take in tax deductible contributions.)