Which of the following individuals are not stakeholders in not-for-profit corporations?

• A. Donors
• B. Employees
• C. Government agencies
• D. Stockholders

Answer: (D)

Not-for-profit organizations don’t have owners or stock. Stakeholders are groups with an interest in or impact on the organization, such as donors who fund programs, employees who work there, and government agencies that regulate or fund activities. The group that doesn’t fit in this context is stockholders—people who own shares in a for-profit company and have a claim on profits. Since a nonprofit reinvests any surplus back into its mission and has no owners or dividends, there are no stockholders to be stakeholders in the nonprofit structure.