Non Profit organisations in Ghana

According to the American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Standard Board (FASB) an N.P.O(Non Profit Organization) is defined in terms of their characteristics that distinguishes them from a business entity as a contribution of significant amount of resources from resources providers who do not expect commensurate or proportionate pecuniary returns, operating purposely other than to provide goods or services at a profit and absence of ownership interest like business enterprises.
Non-profit organizations (NPO) do not distribute its surplus to stakeholders but instead use them to pursue its goals as outlined by its object clause. They are known as Non-profit organizations (NPOs) because they provide services not with the aim of making profit. In general, NPOs are organizations formed by individuals or group with the primary motive of providing social services and other developmental activities at local, national and international levels. E.g. Sweetwater Ministries.
The broad categories are however:
Mutual Non-Profits: e.g. Professional associations
Social Welfare: e.g. Employee Associations
Charitable
Religious Communities: e.g. Churches
In Ghana there are laid down procedure to be satisfied in other to be registered. The NPOs are to be duly approved by the Regulators:
1. The department of the registrar general.
2. The ministry of social welfare and employments.
3. The GHANA REVENUE AUTHORITY.
According to the companies’ code 1963 act 179 section 10, for example gives legislation on NPOs which states that “a company limited by guarantee may not be lawfully incorporated with the object of carrying on business for the purpose of making profit”. And by this virtue they are tax exempted, but