The not-for-profit sector in Australia is in crisis, as it invariably is. As in every year this century, donations are down, volunteering is down, and expenses are up.

That analysis is a little too broad, though, because there are several sorts of not-for-profit - most generally, the small ones and the enormous ones.

Half of our charities are entirely volunteer-run, while at the other end the big universities and public hospitals have billion-dollar budgets which are carefully kept in surplus. It doesn't really help our understanding to run these sorts together.

There are also overlaps between not-for-profits and obvious commerce. The Sanitarium breakfast foods company is owned by the Seventh Day Adventist Church.

Ikea, of all things, is in theory owned by a charitable foundation, though that's more a matter of tax law than disinterested philanthropy. If you're a business that's dedicated to raising money for a charity, you're charitable.

In theory, that means the charity at the top shouldn't be particularly concerned with the market value of its subsidiary. All profits go to the good cause, but it's difficult to realise the underlying value.

Which brings us to........

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