Many different universities are available and are you considering applying to such as public, private, private for-profit, and private non-profit? This article will delve into the private non-profit universities that usually offer a variety of scholarships and other need-based financial aid.
Private non-profit universities are universities/colleges that operate and manage independently without the involvement of any investors or shareholders. The term "non-profit private" may not be quite familiar to most people in Myanmar and most Southeast Asian countries because only a few non-profit private universities are emerging in the regions. The phrase "non-profit" is related to finance, and it is straightforward. You might be thinking, are private universities non-profit? How is that possible?
Unlike profit universities, the income sources of a non-profit private university are tuition and fees, and the majority of the revenue is from donors. The surplus/profit from the different sources of revenue will go to the organization's expense in implementing the organization's objectives.
Now, let’s look at how the private non-profit university operates by comparing the revenue and expenses of a for-profit university and a non-private university.
Let's say a university has a tuition revenue of 100,000 USD. The university's expenses are around 80,000 USD. Then, the surplus of 20,000 USD is a profit. For a for-profit university, the surplus will be divided and shared among the owners and shareholders of the institution. However, the profit is not shared with anyone in the non-profit university. The university reinvests the profit into the institution to fulfill its educational mission. The income sources of the university are tuition and fees, and the majority of the revenue is from donors.
Non-profit private universities offer scholarships or other aid to students with financial needs. Therefore, they prioritize donations. The institutions emphasize on improving students' experience and success rather than generating revenue. They help students explore a wide range of opportunities through liberal arts and sciences education. A non-profit university is modeled to create a learning framework that serves students' advantage.
Most well-known universities globally are private non-profit institutions; for example, most universities (Ivy Leagues Universities) in the United States, such as Harvard University, Princeton University, Columbia University, Yale University, and US accreditation partner for Parami Bard College. There are also a few private non-profit higher education institutions in Southeast Asia countries, such as Payap University in Thailand and Fulbright University Vietnam in Vietnam.
Parami University is also a private non-profit higher education institution. The university shares common objectives with those world-renowned non-profit private universities to provide students with quality education through liberal arts education.