Can any of my fellow cic's please advise me if a Community Interest Company Ltd by Guarantee, asset locked down to its community is classed as a non-profit organisation? I often hear it also being referred to as a Social Enterprise. Yet my local council say we are not classed as non-profit...very confused, please help!
See pg 14 the FAQ for funding organisations guidance from the CIC Regulator:
Are community interest companies limited by guarantee ‘not for profit’ companies?
A community interest company (CIC) limited by guarantee is a ‘not for profit’ company, this means that it does not operate for private profit. Any profit generated is used to grow and develop its business which is benefiting an identified community, or goes directly to benefit that community.