Which of the following is not a distinguishing characteristic of a private not-for-profit organization according to FASB Statement No. 116?

Question

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Not-for-profit organizations do not have an identifiable individual or group of individuals who hold a legally enforceable residual claim to the net assets of the organization. They are commonly financed through voluntary contributions and operate for purposes other than to provide goods and services at a profit. They do not operate for the direct benefit of its members.

Which of the Following Is Not a Distinguishing Characteristic of a Private