The key characteristic of the XXI century is the rapid development of productive resources and information technologies. This feature results in the fast development of new and existing forms of entities and to the globalization of their activities. Non-profit organizations, regardless of organizational and legal form, are beginning to play a significant role in the socio-political and economic life of modern states. Such organizations promote the development of civil society and freedom of speech, and they can be a tool for achieving both the long-term and short-term goals of the state, or a group of people united on a certain basis. That is why the legal and tax regulation of non-profit organizations is an important factor in their development and serves as a tool to control the activities of non-profit institutions by the state. By regulation of the kinds of non-profit activity, the state may promote concepts of national development as, for example, an increase of life term through granting non-profit status to sports clubs and defined hospitals. Such an approach, in the long-term perspective, may result in economic growth through an increase of lifecycle of productive resources. As of today, one of the most discursive categories related to accounting and taxation of non-profit organizations is the concept of profit which appears as a result of excess revenue of the non-profit organization over expenses related to the execution of the statutory activity. In this article, the approaches to the definition of the concept of profit and income of a non-profit institution were analyzed through the analysis of existing approaches to its definition applied to classical business entities, also the definition of a profit of a non-profit organization was proposed. Additionally, possible sources of income of a non-profit institution in accordance with current legislation, and the peculiarities of payment of remuneration to employees of non-profit institutions were analyzed. Moreover, based on the normative requirements of the Ukrainian state authorities the general formula for calculation of the taxable income of non-profit organizations was designed.